Students have been advised to think carefully about which university to attend, and where they live whilst they are there, to minimise debt.
According to the National Union of Students (NUS), accommodation expenses have increased over twofold in recent years.
However housing costs vary greatly across the country and Halifax is urging students to take this into account before finalising their university placements.
The most expensive student accommodation is situated in London, where rent costs an average of £79 per week, compared to the national average of £69 per week.
Colin Kemp, managing director of the high street lender Halifax, said: "Today students need to consider many more factors than which course is best for them. They also need to take into account the financial implications of choosing different universities and locations.
"The decisions can have far reaching consequences for their financial future and can affect their parents too."
Students seeking to live in private rented accommodation are advised to be aware of hidden costs and to only consider properties from accredited landlords. To read more about the property market, click here.
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