Aussies looking to balance their student finances should conduct some research into what their living costs are likely to be when they start their course.
Budgeting is a vital skill for those who do not want to run into trouble with their student banking.
Before heading off for a year of studying, Aussies may want to think about how much they will need to spend on accommodation, groceries, books and transport.
Those who do not budget from the outset may find they will be in need of another loan or other financial assistance further down the line.
It may also be worthwhile to think about whether a loan or overdraft is likely to cover outgoings and if it will not then getting a part-time job could be a good solution.
More people could be set to go to university in the coming years, as the government aims to ensure that 40 per cent of those between 25 and 34 years of age will have a bachelors degree by 2025.
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