THIS month sees thousands of students going on to further education, taking up their college places, including ones at the University of York and local colleges.

So now is the time for them to think about the best way to manage their finances. City of York Trading Standards offers some advice to help students on their way. Most students, at the end of their course, will have substantial debt, so it pays to take advantage of any financial help to lessen the burden.

Banks and building societies will be competing for your business - they might not make much money out of you now, but will be looking to your potential earnings in the future.

Nearly all student accounts offer interest-free overdrafts, but have different limits and terms and conditions. While you may need to take advantage of these at some time, remember you will need authorisation before you take advantage of overdraft facilities or you will face charges for unauthorised debt - these can be very high.

Some banks may insist you actually use your account or pay in your student loan before they will authorise interest-free overdrafts. As with all loans, check the rates before deciding which account is best for you.

It is also worth considering which bank accounts will pay you interest when your account is in credit - these rates can vary considerably. Most financial institutions offer other perks so it is worth shopping around. There is nothing to stop you having more than one account to take advantage of these.

Anything you can do now to make the most of your student status will help. Just remember to read the small print, as any debt will have to be repaid sooner or later.

Remember that if you are off to university or college you will need insurance to cover your belongings. Again shop around and check out whether your parents' household policy will cover you, or if your university/college has a policy covering those in halls of residence.

Don't forget - if you take a television with you, you will need a television licence as well.

If you need further advice on this or any other consumer matter contact City of York Council Trading Standards. We are situated at 9 St Leonard's Place, York. Telephone (01904) 551562 for advice or to make an appointment to see an adviser.

You can also visit our website at: www.york.gov.uk/business/tradingstandards

Updated: 09:14 Thursday, September 18, 2003