But in these tough financial times any financial mistake can end up being a tough lesson to learn.

Thousands of students are starting a new life in Sheffield this month and across the county young people are returning to courses and wondering how to make ends meet.

In Sheffield alone, living costs have increased by £875 in the past year and getting through college without racking up huge debts is a feat in itself.

A growing number of students, nearly half, according to a NatWest survey, supplement their income with part-time employment.

And most universities offer detailed financial advice to help students to prevent problems spiralling. But despite a raft of support services, it's all too easy to get into debt and the average student will leave university owing more than £17,000.

Libby Heeley, a second year journalism student at Sheffield University, says she's noticed the increase in the cost of living in the few weeks she's been back at university.

"Sheffield is supposed to be one of the cheapest cities but I've really noticed how expensive it's got," said Libby, who comes from the Wirrall.

"Everything has gone up and I'm trying to be really careful budgeting.

"This term I've taken on a part time bar job to try and keep afloat. I'll probably work about three nights a week which is okay now but I guess it will get pretty stressful towards exam time."

Libby has student loans to cover her course fees and her mum pays for her accommodation.

"Last year I was in halls of residence but this year I'm living in a house in Crookesmoor and we'll have bills to pay. I'm not looking forward to those arriving."

Libby estimates she'll leave university next year with debts of around £15,000.

"It's very worrying to know I'll have loans to pay and a big overdraft. I know it will be quite a few years until I've managed to pay it all off and that's a huge worry."

New research out this week by Halifax reveals that over half of students, like Libby, receive funding from their parents to help them through their studies.

Grandparents also appear to be doing their bit this year to try and help out their student grandchildren, with five per cent of the respondents indicating that they had helped them out.

Dave Hurst, president of Sheffield University students' union, explained: "The maximum student loan entitlement has gone up by only £430 in the past three years, coinciding with a rise in the cost of university accommodation of around £1,500, meaning that in a lot of cases students cannot even make rent, and that's not even taking into account the cost of living.

"Those who receive less than the maximum loan and have no or little financial support from others (which is the vast majority) are in an even worse sate.

"This is what I believe is forcing a growing student population into part-time jobs and debt, which can become detrimental to academic performance and in turn their degree classification.



"This is disproportionaly hitting those from lower socio-economic backgrounds hardest and undermines government moves to open access."

Dave added: "The Union does what it can to provide support to all students. It does this by running the Student Advice Centre which is a confidential and free advice and information service. Specialist advice is provided for housing, finance, academic, immigration, employment and consumer enquiries. There is also practical advice on managing your money in many of our publications."

The University of Sheffield has its own Job Shop which offers over 800 vacancies including graduate jobs, part-time jobs, vacation work, internships and placements.

Laura O'Meara, 19, a second year journalism student, added: "By the time I graduate I will have a minimum of £21,000 of debt to think about – and a job in such a competitive industry could take a long time to get. That means interest on the loans will start to grow and so the debt gets bigger. The majority of my maintenance loan goes on rent, bills and food so I have had to take on a part time job to get by.

"While I'm having a great time at uni and don't regret coming at all, it's not nice to think that when I graduate I will have this much debt to deal with. I can understand why it puts people off going to university."

Top ten tips
The University of Sheffield offers a wide range of advice and tips to students on money management and budgeting:

1 Calculate how much you can afford to spend each week.
2 Make sure you are receiving all the grants and bursaries you are entitled to.
3 Take advantage of the discounts you can get.
4 Avoid impulse buying and using store cards.
5 Get a part-time job.
6 Keep in contact with your bank (especially if things start going wrong)
7 Note down when you make withdrawals from the cashpoint and keep a list of the dates when money goes out of your bank account (standing orders and direct debits)
8 Going out every night and eating takeaways is expensive. Invite friends around and cook your meals at home.
9 If the household bills are in your name make sure you collect the money in time and pay them.
10 If you start having financial problems, talk to someone such as your bank manager or an advisor in the Student Advice Centre.



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