How to make a loan range far and wide

Once you have your money deposited in the bank, follow these tips to keep it there longer:

1. Take the student loan. Even if you are lucky enough to be funded fully by your parents, it makes sense. With the low interest rates applied and no need to repay it until after graduation at the earliest, it's worth putting the cash into a high-interest savings account.

2. Budget carefully. When you receive your student loan it can seem like a lot of money, but it has to last a whole term. Set your spending limits carefully and try not to exceed them. Don't lead a lifestyle you cannot afford. Drink at the student union rather than buying expensive rounds in pubs, for example. Try paying for most things in cash - and withdraw money just once a week.

3. Be aware of what things cost. Check out prices for everyday items such as food, travel, textbooks, rent, internet connections and going out, so that you are not surprised by the bills. Buy a pay-as-you-go mobile phone to control your costs, rather than signing up to a contract.

4. Share the burden. You may be able to save money by pooling money with friends or flatmates. Think about clubbing together to buy your weekly shopping, as it is cheaper to buy for a few people rather than for one.

5. Know your rights. Some students are entitled to extra financial support from university hardship funds or from certain state benefits, such as discounts on prescription charges.

6. Be cautious about going into debt. It is very easy for students to get credit cards, and if you use them properly and pay off the full balance regularly, they can be a useful way of managing money. But credit card debt is an easy trap to fall into. Never take out a storecard, which is one of the most expensive ways of borrowing.

7. Ask for help. If you get into financial problems, don't be afraid to admit it. Most universities have a money advice centre to offer guidance on how to manage debt.

8. Remember you are entitled to student discounts on many things through an NUS card.

9. Be careful about part-time jobs. Make sure you are not exploited by unscrupulous employers who refuse to give you time off at crucial times, such as during exams. The NUS recommends that students join a relevant trade union. There are usually reduced membership rates for students.

10. Check the tax situation if you are working - be sure to be paid gross if your earnings are likely to be below your annual income tax allowance of £4,745 or, failing that, reclaim overpaid tax from the Inland Revenue.