Good advice needed- please help!!

Hi all, I Need some advice. Its a no-brainer but I need people from experience to help me if you can!. Basically after I left college I got into a uni to do a foundation degree but I didn't wana the foundation degree so I dropped out in November. In November I got offered a job as a laboratory technician (which I was ecstatic about!!

) I left uni and started working 9-5 5 days a week. I decided to do my A-levels externally to boost my UCAS tariff points as I really wanted to get onto a degree course. Now the thing is 10 months on I handed my notice in, however because I was close with all managers they are kinda upset that im leaving, so the main manager called me in and asked me why im leaving and I told him I wanted to go and study full time.. so he said 'what if I could get the company to sponsor you for your degree on a day-release basis? However it will take you 5 years to complete and we will be paying you for the other 4 days that you work with us. But the degree will be in a lower ranked university' So what do I do? take them up on their offer? It will take 5 years to complete, I will be debt free, I'll have opportunities to progress in the company and move around in different departments, but i'll miss out on student life as I will be working and studying. Would you take the offer if you was me?