As a starting graduate I feel that £26k is a decent starting wage, considering the difficulties that I would have in getting a starting job in the USA, as I don't have the requisite experience for a visa. I also think that £26k is not correct. I am currently job hunting before I finish uni this year, and most of the positions I am looking at as a junior network/systems administrator are more like £22k average.
And I can confirm that the university course I have been on has taught me very little. I now know a bit about C, have learned and forgotten a bit about Java (useless flawed lump that it is), a fair bit about the very basics of networking, and a bit about configuring routers and switches using the CLI. I have not been taught, however, anything at all about almost any system or network administration task that you could mention, like how to properly make a backup plan or what backplane speed is, or how to configure a VoIP phone, or how PoE works, or how to configure any server other than apache or IIS (or the very basics of this is how you follow the Active Directory wizard). I have essentially spent about £13,000 (in tuition fees alone) paying a university to give me somewhere warm to be bored, not to mention the cost of feeding myself or having somewhere to live.
I know the stuff I have learned is good grounding and may be useful, but most of the topics I have found out about through internet research have not been taught at university and likely won't be until years from now.