Foundation year (FY) provision provides access to Higher Education for those not meeting the requirements for undergraduate study by developing skills and subject-specific knowledge. The provision has experienced significant growth and now plays a crucial role within many institutions, helping them reach their widening access and recruitment targets in a highly competitive market. However, the 2019 Review commissioned by the Government (informally known as the Auguar Review) raised concerns about the 'poor value for money' and the quality of these courses. Current research establishes a counter-narrative that shows the value and positive impact on students of FY courses. However, questions remain about how they prepare students to progress/succeed in their degrees and the value of that experience for those that access them. This presentation addresses these gaps by reporting findings from 18 interviews with students. The results show that the FY often provides students with a 'second chance' at education, and their value can be understood within four interrelated domains of value: functional, psychological, social, and monetary.