The Student Academic Experience Survey, published by the Higher Education Policy Institute and the Higher Education Academy in June, found just 35% of students across the UK thought university was “good” or “very good” value, compared with 53% five years ago.
The National Student Survey (NSS) found 84% of the 304,000 final-year students at 530 institutions who took part were content with their degree courses.
The poll is published by the Higher Education Funding Council for England.
But the results follow a similar survey which found levels of satisfaction with “value for money” at universities have been falling over the past five years.
The NSS survey comes as Universities Minister Jo Johnson has highlighted growing concerns about students not getting value for money.
Mr Johnson has said the newly established Office for Students will see students given formal contracts with universities, so they can challenge them about too few teaching hours or if facilities are inadequate.
Nick Hillman, director of Hepi, said the NSS needed to be set alongside other findings from much broader surveys, which show students complaining of declining value for money.
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