I've been offered a place at 5 universities to study German and Spanish, so if I was to accept one of these places I'd be putting myself into about £60k worth of debt with the new tuition fees. I'd then leave college with no concrete career to go into as languages are just a general subject. Graduate unemployment figures in the UK are currently about 20% and with no concrete career path on such a general course finding a decent payed graduate job would be hard.
I do agree with some of what you say, but in my humble opinion and based on personal experience of having graduated with a degree, I think you may be underestimating the value of having a degree.
You're assuming that a languages degree won't help you find a "concrete" career.
It depends on what you're interested in, and where your skills lie, but many respectable companies from banks to a multitude of large multinationals would be quite happy to give you an interview based on a) your degree and b) the degree subject itself.
You could apply to HSBC, Unilever, British Airways (Graduate Programme)....etc. etc. The degree in languages will not hamper you (it may actually make you very attractive to companies with operations overseas.)
Relatively few companies specify specific subjects for their general graduate programmes - I know because I have applied to a few, including HSBC.
I take your point about the employment figures for graduates, but most degrees take 3 years to complete...I also take your point regarding student debt, but statistical evidence has shown that graduates have in many cases commanded higher salaries and faster promotion.
We're drifting off-topic here but my point was to poke some holes in your assumptions regarding the value of a good degree from a good Uni.
If in future you do apply to any other schemes, be sure you have seen the actual employment contract before signing any money away.