But with the rising cost of living, university top-up fees, a recruitment freeze and most receiving loans rather than grants, students may have to sit down with their pen and pad for a lesson in how they are going to finance the next three years.

The image of a student standing in a shop trying to work out whether they can put together their last few pennies to buy a tin of baked beans is not a new one, but in the past financial problems have ended there. Unfortunately, things are now a lot more complicated.

Halifax playwright and actor Lee Barnes knows only too well how debt can get out of control.

The 26-year-old ended up owing £60,000 on credit cards while studying performing arts. "It was very easy," he says. "There were people falling over themselves to lend me money. I did silly things, I led a party lifestyle."

Recently the National Union of Students put the cost of going to university at £40,000. But research from Birmingham Midshires shows parents heavily underestimate, with most believing it is around £12,550.
Many parents feel they should support their children through university but a report by Norwich Union shows many are not in a financial position to do so.

Around 20 per cent of parents risk their own financial future by having to dip into pensions, credit cards and overdrafts to help fund their children's education, while 30 per cent will not be able to help at all. With a healthy lesson in reality and statistics almost over, there are several ways students can help make ends meet.

One answer is seasonal work.

Students worried they will not be able to manage a part-time job with their studies are urged to fill up holidays with paid work.

Fish4Jobs suggests that during the Christmas season the best jobs to get are: retail, warehouse, customer services, waiting tables, hospitality, bar work, courier driving jobs, filing or administration as holiday cover.

Chief executive Joe Slavin says: "With Christmas, it's important candidates realise companies start recruitment campaigns early.

"To make sure you get the best Christmas seasonal jobs make yourself available for interviews – ensuring your CV is up to date.

"Flexibility is a key factor for temporary staff – the competition is strong as there are more applicants than jobs for seasonal work. Be prepared to work longer hours and not be invited to Christmas parties."

He adds: "At the end of the day, part-time seasonal works usually helps you land your first full-time job as you should receive a good reference, so you need to work hard and stick to the job at hand."
David Malcolm, the head of social policy at the NUS, has top tips to help new students increase their income:

"Make sure you get everything you're entitled to. If you're not sure, go see a Student Union adviser and ask them to check – including what bursaries are available and whether you qualify for any.

"There may be income available through charities and trusts.

"Try looking at the Educational Grants Directory or the services of the Educational Grants Advisory Service who'll do a search for you to find appropriate charities and trusts that fit you."

Students looking for part-time employment to supplement their income should visit the employment service or job shop at their university.
They make sure students are paid at least the minimum wage.
And it pays to keep an eye on what you earn.

He says: "If you get a part-time job then make sure you don't end up paying more tax than you should be. Monitor whether your income has gone above the boundary for income tax and national insurance.

"If you're only working through a set period, for example the summer, make sure you fill in a P38S form which states you're a student and you don't anticipate earning over the personal allowance so you shouldn't be paying tax."

How to cut costs

• Make a budget. Calculate how much you have coming in for a term and then how much will be going out on fixed expenses like rent and travel and one-off expenses too. Then work out what's left.


• If you think you'll be likely to spend more than you can afford, set up a high interest savings account, put what you can from your loan and grant payments into it and then every month arrange for a standing order to transfer money over to you so you only get a set amount.


• Make sure you use all of the discounts you have available to you. The NUS card can be bought at the beginning of the year for £10 and then you'll have loads of discounts from different shops and services.