Quick stats

£39,300 Amount students outside London spend during a typical three-year university course, including tuition fees of more than £3,000 a year, books and general living costs, according to the National Union of Students. In London it's £45,000

£17,500 The average student debt for someone graduating next year, according to Lloyds TSB

£2,689 Average annual rent in 2007 for an undergraduate living outside London, according to the NUS. In London the figure was £3,587

Simple saver

Here's a controversial one for parents - give up all ideas of rattling about in your empty nest, and encourage your student offspring to choose a university near home to shrink their rental and food costs. This could save them an average of between £80 and £100 a week on rent alone. If your kids do study away, don't fall into the trap of buying expensive contents insurance for their belongings while at university. It's often possible to add it on to your home insurance at a fraction of the cost.

Advanced saving tips

1. Take out cheap student loans

Even if dad and mum are (very kindly) financing their course, students shouldn't pass up the chance of taking out a student loan: they're cheap, and students can always stick the cash in a savings account (such as a tax-free Individual Savings Account). The interest charged is based on the Retail Prices Index (4.8% for the 2007-08 academic year, and likely to be 3.8% for the next) rather than the Bank of England base rate (5% at the time of going to press), and these loans needn't be repaid until the students graduate and start earning £15,000 a year - at which point they repay at a rate of 9% of any earnings above this level.

Students can apply for a loan of up to £3,145 to cover the tuition fees and they can also take out a maintenance loan. All students are entitled to 75% of the maintenance loan (a maximum of £6,475 for the 2008-09) while the remaining 25% is means-tested. They must apply by the end of June each year to be sure of having the cash in the bank come September/October. Apply online at direct.gov.uk (click on Education and Learning), or contact your local education authority.

2. Check if you/they are eligible for a student grant

These aren't what they used to be, but are still a huge help to students from low-income families. From the autumn, more students should be eligible for some help. Families with an income of no more than £25,000 will get the full grant of £2,835.

The amount then falls on a sliding scale to £50 for families on a maximum income of £60,005. The size of grant also affects the amount of student loan your child can have. To check your exact entitlements, visit direct.gov.uk.

3. Don't miss out on non-repayable bursaries

Universities charging the maximum tuition fees of £3,145 are obliged to offer bursaries of at least £300 for the poorest students (those entitled to a full maintenance grant), and some are as high as £1,000. Other bursaries and scholarships are also available. Find out more at bursarymap.direct.gov.uk

4. Use specialist suppliers for kit

For example, for second-hand computers try studentcomputers.co.uk, and for discounted software see software4students.co.uk. Or use free software - there are open-source alternatives to most commercial software, including OpenOffice (openoffice.org), and even to some operating systems. Do your homework on these.

5. Use discount cards

By paying £10 for an "NUS Extra" card, students can save 5% off book orders through Amazon, as well as reductions on insurance from Endsleigh and discounts at various high-street retailers.

Planet saver

Pick a green-aware university. According to People & Planet, a student campaigning group, universities making efforts to reduce their carbon footprints include Bath, Bradford, Bristol, Edinburgh, Loughborough and St Andrews. The group last month published a Green League of all 122 British universities, a ranking based on each institution's efforts with renewable energy, recycling and CO2 emissions (peopleandplanet.org).