Many years ago I went to university in the uk. Entry required good grades but tuition was free and there was a reasonable grant to live on. Twenty or so years

Many years ago I went to university in the uk. Entry required good grades but tuition was free and there was a reasonable grant to live on. Twenty or so years ago the grant became a loan and, more recently, tuition fees were introduced. Nowadays way more people go to uni but come out saddled with debt. Presumably the incentives are the same as described in the article for the US: the uni wants as many students as possible because they get tuition fees and short term the administrators don’t care about graduation rate or job outcomes because it will be on some future administrators watch when the feedback loop stops new undergrads joining?