The 19-year-old midfielder, who is the son of current first-team star Ashley, joined the Hertfordshire outfit on loan for the rest of the season back in February.
Young has been a regular for the Scholars and impressed since his arrival but saw manager and former Town defender Sammy Moore depart his role last month.
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Since then Jack Pridmore has been interim charge but was unable to prevent them from relegation, which is their first since 1978/79.
They were officially relegated from Isthmian League Premier Division after losing 1-0 at home to Chichester City over the weekend.
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Young junior signed for Town’s U21s side last summer following his departure from Peterborough United.
He also had a brief loan spell at fellow seventh tier outfit Chatham Town earlier in the campaign.