I know (not least because someone pointed it out last time we had this conversation ;-) that for certain vocational courses like medicine and law it may be essential to attend university in the country where you want to work, but for most people it increasingly isn't.
I don't think you should group law and medicine together. In both the U.S. and the U.K., there are many doctors who obtained their undergraduate and medical degrees from foreign countries, in which the cost of getting those degrees is vastly less. Meanwhile, some Americans are graduating from medical school with $400,000 of debt, as described in an article
"The next crisis to avoid is in student loans"
http://finance.fortune.cnn.com/2012/03/06/student-loan-crisis/ .
