More students are aiming to stay debt free as they choose a University closer to home so they can live with their parents and avoid debt. According to research by Lloyds TSB, a third of students could not afford to go to University if they had to live away.

More are seeking part time work in order to make ends meet, as 25% plan to work around lectures. Students are aware that going to University will inevitably end up in debt and over a quarter would actively accept debt advice in order to take better control of their finances, try to maintain a  debt free student lifestyle and avoid money worries.

Catherine McGrath, director of current accounts at the bank, said: “By making the time now for some financial planning and careful budgeting, cash-strapped students should be able to enjoy further education without worrying unduly about making ends meet.”