These days i think people can get ahead much quicker by avoiding university and getting a trade and jumping straight into the work force. Instead of racking up a 20k debt and missing out on 4 years of the workforce you can get a trade, (earn money while getting a qualification) and still be on a similar salary to someone with a standard degree. Im referring to more common place degrees like bachelor of commerce and arts etc, becoming doctors/lawyers etc is a different scenario but in general i think university is overrated.
As far as I know, the money one gets paid as an apprentice is very little. So I wouldn't think that is a major drawcard. In WA, tradies have been lucky as they have been able to earn 180K + in construction work up north (although on horrible rosters). Yes, this is a lot, but to be honest, a large chunk of my commerce friends are in their mid to late twenties and earning 150-300k in IB/PE/HF despite the 'down turn.' We all have anecdotal evidence as to what is best to study and it depends on your background. In the end, you need to make a choice that is suitable for yourself. Most degrees offer a decent career path if you achieve at the upper end (i.e. work hard). The problem is when people just get passes, and/or have no idea how to apply for a job.
A 20k debt is nothing when you consider that a degree is for life and helps with many other things (like if you want to study further, move countries etc). My degree is has been the highest yielding investment I have made so far (although I haven't made any big property deals).
I can't say anything for those that did poorly at university and ended up working at small firms, or those that studied arts though.
Blair, what did you study at university in order to make that opinion that it is overrated? I have to say, some subjects seem overrated, such as the ethics/professional conduct ones, however I think it's definitely something for people to learn.