The Greek educational system during last 50 years recounts among numerous reformations and counterreformations. All the continuous changes seem not to be characterized by a clearly defined operational aim and rational continuity. Currently, educators, pupils, university students, parents, politicians and citizens criticize various structural and functional aspects of the Greek educational system. The main scope of this piece of research is recording and analyzing the problems of the Greek educational system according to the opinions of Greek undergraduate students. We asked about 400 undergraduate students for written answers to the following question: "According to your opinion which are the main problems of the Greek educational system?" The written answers have been analyzed according to the methodological standards of the classical thematic content analysis. 1468 statements have been summarized and taxonomized in ten main thematic categories. The Cohen test has showed a high degree of taxonomic accordance among the reviewer of the written texts (kappa=0,97). The content analysis has showed that statements can be categorized in 7 main thematic categories. Themes like institutional, political and social aspects are in the epicenter of students' perception revealing that the educational issue is a dialectically complicated process with many facets and parameters. Additionally, the sample of the research focuses on specific issues which provoke dysfunctions to the effective operation of the educational system revealing the domination of symptoms like mediocrity, bureaucracy or lack of rationalization. (Contains 3 figures, 5 tables, and 1 footnote.)