While everyone has their own gripe about Australia's higher education system, it sounds like we've got nothing to complain about compared to the UK, where astronomical study debts are destroying students' long-term prospects according to a new study, Dazed reports.

Titled The Graduate Premium: manna, myth or plain mis-selling?, the Intergenerational Foundation study found that university graduates were less likely than ever to own a house, and more likely to be plagued by debt - and a dodgy credit rating. It also found that, due to rising interest rates, students are unlikely to ever be able to repay the cost of their degree.

"There is no guaranteed graduate earnings premium for the many young people entering higher education," says the study. "It begs the question as to why the government is encouraging 50 per cent higher education participation rates if the employment market is not providing graduate-level pay in return for student investment." According to the study's findings, the UK has more over-qualified workers than any other OECD country except Japan, with students increasingly compelled to undertake post-grad study to stand out from the pack, thereby incurring more debt. Something to ponder as you walk to your next lecture.

University is useless! At least, according to this new study