So what happens when universities produce a surfeit of graduates?

'Graduates on modest incomes face an effective tax rate of 45 per cent and crippling debts for most of their working lives, a Money Mail investigation has discovered.
Radical reforms to the level of tuition fees and the way loans are repaid will leave many in debt until their mid-50s - by which time they'll be wrestling with putting their own children through university.'

Correct collective noun for graduates? - A GLUT of.

Read more: http://www.dailymail.co.uk/money/article-1328298/Revealed-30-year-graduate-debt-trap.html#ixzz14rDjcIEU