Hi Ardwolf,
Obviously either has pros and cons,
A degree apprenticeship is obviously a competitive job and has far less debt, but does lock you more into a specific company and section of the industry, its also less common to get a masters on apprenticeships which could increase the time it takes to get Chartered afterwards. From the people I've spoken to who've done them (Rolls Royce, BAE etc) financially they're happy but I think they tend to have smaller social circles because of their jobs.
On the other hand if you want a more in depth academic experience, ICL and Oxford/Cambridge specialise in that, the networking available in Oxbridge is very impressive, but it is a very intense atmosphere (from my friends who go there), the jobs you get after if you survive the degree will be worth it if you get accepted, but if money is a big concern for you, the loan will not cover everything and working during term time is also prohibited (at least at Cambridge).
I took the middle ground for my degree (Lancaster Uni), and I feel as though the friends/jobs/experience balance was worth it because I prioritised internships every summer, worked during the other holidays, plus the low accommodation cost here made it more manageable, yet still had enough time to build a decent social circle and try new hobbies (there's so many societies). General engineering first year was great for my overall understanding which helped me get to internships outside of Chem Eng (fairly limited area). The integrated masters saved me on post grad loans too, which I feel is worth it for me so I can get chartership (and the bigger money) faster.
Overall if you have a good attitude to networking you'll end up in the right place regardless though, just dependent on what you want your lifestyle to look like over the next 3-5 years.
Sophia (Lancaster University rep)