Money Student Loan Cheque

There are two types of students. Group one embrace the Holy Grail of student survival as a means to study with the minimum fuss. They will have paid their rent for the year in one go and bought all the required reading material within the first week. Anything left over will be spent on Lionel Ritchie CDs as they unwind after a long day of swotting furiously for that 3,000-word essay that still has month left for the deadline.

The second group can be found slumped, slurring words in the nearest cheapest bar. Watching their student loan slip by through an empty pint glass (half pint as the months go by). Their reading material consists of the Sun, Time Out and anything that has Kylie on the front cover. Their idea of swotting furiously is on the tube trying to find the notes their mate got for them at one of the many lectures they missed.

People studying HND, MA or Post Grad are entitled to a student loan. Loans range from £2 500- £4, 815 depending on your circumstances. There is an obvious pitfall getting a large sum of money when the majority of students are discovering independence for the first time.

Eric Saunders, 64, Student Advisor, says. " The loans started about ten years ago but then it was part loan part grant. Over the years it has now been whittled down to just a loan. Students who are studying for three years will on average be a least £12, 000 in debt."

Even with the maximum loan some student still suffer financially. Saunders sympathises. "Nearly all students have to rely on their parent's income or part time work but colleges acknowledge this and the timetable is worked around the belief that most students have part time work."

Those suffering can take pleasure in knowing that there are extra funds for students suffering financial difficulties.

"The first thing you should definitely do is apply for the Hardship Fund and Hardship Loan. The loan is £500 and you pay it back on the same terms as the original student loan. The Hardship Fund has a allocated sum of money but it does not last for long," says Saunders.

"My one bit of advise is to apply for it straight away even if you don't need it right now. You never know what is around the corner."There are also numerous charities such as the Reeves Foundation.

While this may all seem depressing reading, Saunders believes a bit of common sense is all that's needed. "As long as students take care what they are buying and just look after their money maturely you will be fine."

If that means less beer, more beans then it is a small price to pay.