PROSPECTIVE university students underestimate the amount they will spend during university by as much as £450 a year due to a basic lack of awareness about the cost of living, a study by the National Union of Students (NUS) has found.

Students expect to spend £510 a year on groceries, which are more likely to cost £710; budget for £580 a year on household bills which actually come to £740 and spend £385 a year on travel, £100 more than expected, the HSBC-funded report said.

Wes Streeting, NUS president, said students need more information and guidance about their finance.

“It is clear that many students are sleepwalking into financial crisis,” he said.

There are many websites dedicated to providing information to students on all aspects of university life.

FINANCE

Firstly, apply for student finance, including loans, bursaries and grants at direct.gov.uk. You can get information from the student loans company at slc.co.uk.

HSBC’s student website, talkingmoney.hsbc.co.uk, has an interactive online service and an online budget calculator. Consumer website Moneysavingexpert.com has its own student finance section.

DEALS

Search for accommodation online at studentpad.co.uk and moneysaving tips and deals at studentbeans.com.

Push.co.uk also has advice on student housing, finance, welfare and study tips as well as university profiles for prospective students. Sign up to the union at nus.org.uk and apply for a £10 NUS Extra card, which provides discounts.

BOOKS

To buy coursework books online with free delivery go to bookdepository.co.uk.