In the UK, and to an even greater extent in the US, students leave university saddled with huge debts which will take them years to pay off.

Fortunately, students in the Republic can enjoy their graduation without the pressure of astronomical loans hanging over them, thanks to the abolition of third-level fees and, of course, the undeniable generosity of Irish parents.

Research published recently by Bank of Ireland showed that 40 per cent of students surveyed said they would owe less than €1,000 on graduation, while just 28 per cent of students estimated that they would owe in excess of €4,000.

Financing from parents has undoubtedly helped keep student borrowing at these relatively low levels.

One quarter of students said they relied on their parents as their main source of income, with many receiving as much as €1,000 each month.

However, 15 per cent said they relied on a grant or scholarship to get them through college years.

The study also revealed that student income has hit an all-time high, with half of those surveyed earning €400 net a month from part-time work, and with many students now supporting themselves.

Despite the abolition of fees, third-level education in the Republic remains expensive, particularly for those who live away from home. Rent represents the biggest expense, averaging €370 a month, while general expenses and groceries come in at €221.

The cost of socialising was found to be €162 a month, although this seems a rather conservative estimate, given the cost of alcohol.

Judging by the student living index published by Ulster Bank, Belfast is becoming an increasingly expensive college destination, with students now spending £193 (€285) a week on housing and living costs.

More than 60 per cent of university students in Belfast have part-time jobs to make ends meet.

Although Irish college-goers are not exactly flush with cash, the banks are falling over themselves to get their business, dangling ever-more extravagant introductory offers to lure in cash-strapped students who they hope will metamorphose into high-earners in the years to come.

Bank of Ireland, for example, is offering European flight vouchers (including all taxes and airport charges) to students who open an account before the end of October.

On top of that, once students activate their new account, they can apply for a voucher that entitles them to a free flight to destinations such as Los Angeles, Nairobi, Hong Kong and Toronto.

Ulster Bank is taking a different tack with an offer that probably speaks loudest to students: free money.

Students who set up and use an Ulster Bank student account will receive €100.

However, students hoping to use this cash to fund their freshers week revelry will be bitterly disappointed. The money will be lodged into their account in two €50 instalments. The first instalment does not take place until November, while the second instalment is in January 2008.

AIB's third-level package this year concentrates on helping students with their living expenses.

First-year college students who open and use an AIB student plus account will receive a lodgment of €50 into their account in January 2008 (if they have met certain criteria, such as making a minimum number of transactions). They will also receive a voucher for a free student travel card which normally costs €12 and which entitles them to discounts of up to 30 per cent on Irish Rail, Dublin Bus and Luas tickets.