Combining studying with money worries has become a juggling act for most students.

Since the abolition of student grants and introduction of student loans and tuition fees, the average student now leaves university with debts of between �10,000 and �15,000.

But it appears that many would-be students have no idea about the costs involved.

In one sense we could argue that lack of money is becoming a barrier to opportunity Margaret Dane AGCAS

By 2010 the government wants half of all under-30s to take a degree - seven times the proportion in the 1960s.

But with studying becoming a costly burden for many, students are being warned to weigh up their options before taking the plunge.

Margaret Dane, chief-executive of the Association of Graduate Careers Advisory Services (AGCAS), told BBC News Online:

"University is a great experience for someone's personal development.

"You will reap the financial benefits later, but you must remember that it will be costly in the short-term.

"Applicants have to take financial considerations into account. One must be realistic.

"In one sense we could argue that lack of money is becoming a barrier to opportunity."

Unaware of costs

One of the problems appears to be that few school leavers have any idea about how much university costs.

A recent survey from Goldfish suggests that students appear to be "sleepwalking" towards student debt.

Around 40% of sixth formers thought they would be spending less than �2,500 a year on accommodation.

But the National Union of Students estimates that the cost of living is �2,686 a year outside London and �3,433 in the capital.

The survey also said 44% believed food bills would only cost �1,000 a year, compared with the NUS estimation of �1,067.

Almost a fifth had no idea about food costs.

Meanwhile, 44% expected to spend less than �700 a year on their social lives, with nearly one in 10 (9%), believing that they would spend less than �100 a year on going out.

In contrast, the NUS has said students spend an average of �796 a year on going out.

Opening up?

Students no longer enjoy the relative security of a grant-based system, which many of their parents enjoyed.

Instead, they must borrow money, which will be paid back later through the student loans system.

Students living away from home outside London can get a maximum of �3,905 this year.

Someone qualifying for this full loan would be left with nearly �12,000 after a three-year course, and �15,620 to pay back after four years.

On top of that students must pay their tuition fees, which cost a maximum of �1,175 this year.

The actual amount will depend on the family income, with students paying nothing if the income is less than �20,000.

Scottish students are exempt, although they must pay if they study south of the border.

Increasing hardship

James MacColl, vice president of welfare and student affairs at the University of London union, says that he gets more and more people inquiring about hardship funds.

He says finance and accommodation are the biggest issues for people studying nowadays.

"It's not only the debt, but the perception of debt is putting people off," he says.

"The government says that graduates earn more, but people who go into public services after university won't have that much opportunity to make big money - and they will be lumbered with debt."

So is it worth it?

Studying is still good value for money, according to AGCAS.

And after those years of baked beans and re-used tea bags, students will eventually get their just rewards.

AGCAS says that by the time graduates are aged between 31 and 40, they can expect to earn 63.1% more than their non graduate peers.

By ages 41 to 50, they are 71.4% ahead.

"These days it is harder than it used to be for students, but it will be worth it for them in the long-run," adds AGCAS' Mrs Dane.

"Despite the cost it is a valuable experience - and opens many doors."