University has become a 'pointless Ponzi scheme' because many courses are worthless, Theresa May's former chief of staff said today.
Nick Timothy said many school leavers receiving their A-level results are being 'forced' into expensive degrees that fund a 'gravy train' for university bosses.
The system is 'blighting young people's futures', leaving them carrying 'millstone' debts of £50,000 - the majority of which will not be paid off.
He also dismissed conventional wisdom that having more workers with university degrees was better for the economy.
The damning assessment came as Mr Timothy called for wider use of technical qualifications such as apprenticeships.
Writing in the Daily Telegraph, he said: 'Today, hundreds of thousands of young people receive their A-level results, and it is difficult not to worry about their future.
'The fortunate among them - those studying at the best universities and taking the best courses - may go on to prosper.
'But those who choose the wrong institutions and courses will see little benefit, while those who do not go to university - still a majority of young people - will be neglected.'
A July report by the Institute for Fiscal Studies found most graduates will still be paying off student loans into their 50s, and three-quarters will never clear the debt.
'We have created an unsustainable and ultimately pointless Ponzi scheme, and young people know it,' Mr Timothy said.
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