If expanding your mind has hit you right in the piggy bank take some advice on managing your first year finances.

Most students end their University careers a whole lot richer in the store of human knowledge and a whole lot poorer in the store of pounds and pence. Never fear: you don't have to live on bread and water until your eighth promotion. Money matters can roughly be divided into two areas: your debts from before and your incomes for the future. Help is at hand for both of them.

In the April after you have finished your course, student loan repayments will begin to be carried out through the Inland Revenue. They will be deducted by your employer and shown on your pay statement. Repayments will be collected from the self-employed through the tax self-assessment system. The Student Loans Company will make alternative arrangements with those who live abroad, or who go to work overseas. Whenever your income lies below £10,000 per annum (or £833 per month) you can defer repayment. Any income above the £10,000 per annum threshold will have 9% deducted from it automatically. However, if you started your course before September 1998 the income threshold above which you must start repayments lies at £17,000 per annum, in accordance with the old terms and conditions.

Interest will be linked to inflation - in line with the Retail Price Index - so the value of the amount you pay back will be broadly the same in real terms as the value of the amount you borrowed. This will apply as long as the loan lasts and will include any time when you are studying or are not repaying, as well as when you are repaying the loan.

The length of time taken to repay it will depend on your income and the amount you borrowed. If you have kept up your repayments any loan you still owe will be cancelled when you reach the age of 65, or if you become permanently disabled. Further information is available from the Student Loans Company on 0800 405 010

It is also likely that you will have a sizeable overdraft when you leave. Repayment practice varies from bank to bank, and from branch to branch. Most give you at least until the December following graduation to repay and some allow you to keep your interest-free overdraft for up to two years after you graduate. Others allow you to reduce your overdraft in steps so you can afford it. Check with your bank for further details. Further debts might include credit cards or in-store tabs. If this is the case, it may transpire that the optimal solution is to take out one large loan to pay everything off and avoid multiple terms and conditions. Your first priority should be paying off the debts with the most punitive interest.

In terms of increasing your income there are a number of routes you may want to consider. Firstly, check in the 'benefits entitlement' section of the handbook to check you are claiming everything you have a right to. Secondly, consider taking a graduate loan. Terms and conditions vary so it is worth shopping around. However, as an indication, Lloyds TSB will allow you to borrow up to £10,000 at 7.8% interest, allowing five years for repayment whilst Barclays offer the same amount at 8.9% interest. Natwest offer similar services. Major banks also offer loans to repay student overdrafts. All schemes, however, will require you to be employed or in receipt of confirmation of a job offer so don't think of graduate loans as an easy way to extend your student lifestyle. Other questions to consider when deciding where to bank should be the level of interest paid on your current account as well the level of interest-free overdraft on offer. This will also vary. Smile.co.uk will provide you with 3.04% interest and fee-free overdraft to the tune of £500 whilst cahoot.co.uk will sting you for going overdrawn but pay 6.3% interest to compensate. The bottom line is always to shop around. A third way of improving cash flow is to plump for companies offering "golden hellos". For some companies these joining inducements can run into thousands and many only require commitment to stay with the firm for a year.

Despite the potential leniency of the Student Loans Company and the wide availability of new credit, you may still have to belt tighten to be sure of making ends meet. Remember that you will be paid your first month's salary in arrears so you will have to budget for your first month without an income. This period is likely to be one of considerable outlays: a working wardrobe, flat deposit, rent and travel season ticket will all add up. Similarly, you will have to bear in mind that your advertised salary is likely to be your gross pay. The actual amount transferred into your account will be lower- minus tax and national insurance. Further information is available in the taxation section of the handbook.

A little sense, then, should be enough to keep your bank manager happy and your possessions away from the pawn-shop. Look after the pennies and the pounds should look after you.