I went to my local University (And still do, last ever year for me now though) mostly because of the bizarre situation with student finance. Because you are judged not on yourself but on your parents income, I was entitled to nothing but the minimum loan, therefore to go away to my other preffered University would have meant I'd have needed to take out a commercial loan in addition to my student loan simply to afford living costs, or ask my parents to fund my way through Uni. I didn't want to do this.
So, I stayed at home, had a great time and had my student loan each year + part time work. I also worked full time for a year on my placement, and work during the holidays. This enables me to pay my own undergrad fees (I had no LEA assistance) and also leaves money left over to indulge my hobbies of cars and computers. I don't use my overdraft and my only debt is the Student Loan.