I've had 3 different experiences of uni;
1st was as an undergraduate doing my BA in Sheffield. Some fun times, good house parties etc but I didn't get in to the uni that I wanted to do the course that I wanted so that always hung over the whole experience as the teaching at my uni was pretty shit. 8 hours of lectures a week was a bit of a joke, I don't know how they can justify £9,000 fees if that is still the case. It could also be quite a boring and lonely experience; in my first year I was in pretty shit halls where nobody was into the music I liked and it was full of silly little cunts who couldn't even wipe their own arse let alone keep the kitchen clean. Ultimately I felt a bit let down by the whole experience.
2nd time was to do my MA and it was a completely different experience. Much more contact with lecturers / engaging with the subject. Still went out to party now and then but definitely was more studious, and enjoyed it more.
3rd time - back at uni to do my PhD now and again it's a completely different experience. 1st name terms with all the professors, teaching duties but tons and tons and tons of book reading to do, let along the fieldwork / research I have to do over the next 3 years. Oh, and the fact that I have to submit a 100,000 word book at the end. It's like a really rewarding but unpaid job.
