There should be changes to a scheme which sends young Welsh "talent" and "money" to English universities at a time when the sector is under financial pressure, higher education bosses have said.
The Welsh government's Seren scheme is designed to support the brightest pupils to reach their full potential, but critics have questioned its traditional focus on Oxbridge and top universities outside Wales.
Kyle Greenland, 26, from Deri in Caerphilly county, said his experience of the scheme a decade ago was "invaluable".
The Welsh government said Seren helped learners attend "the best universities, including universities in Wales".