Students awaiting exam results and university life will sooner or later have to focus on money issues.

The Government says Scottish students will next year benefit from the best funding package in the UK, incorporating new guarantees not available in England and Wales. It has made a commitment for 2013-14 to new and continuing students with a family income of less than £17,000 of a minimum income of £7250, through a combination of bursaries and loans.

All students will be eligible for a student loan of £4500 a year, whereas previously loans were means-tested on parental income, as is still the case over the Border.

However, students report a significant re-weighting away from bursaries towards loans, with a typical £5500 package including £1500 of bursary last year, but in the year ahead only £500, with the loan component jumping from £4000 to £5000.

The Student Awards Agency For Scotland (SAAS) has reported receiving more than 120,000 applications by that date compared with 105,000 for the same period last year. It had encouraged all students to apply by June 30 to ensure money arrives in time for the new term.

SAAS sends an award notice to students which states the amount of tuition fees and bursary that they are eligible for, how much instalments will be, and when they will be paid into students' allocated bank accounts.

The agency says: "For those who have successfully applied for a loan, the lump sum will be shown here but The Student Loans Company will send a loan payment schedule a few weeks before students' first day of term which explains when each loan instalments will be paid."

Students in Scotland will see all payments hit their bank account on the seventh of each month with a double payment to start with, while anyone studying elsewhere in the UK will be paid at the start of each term. Providing students have registered or matriculated with their institution, the first loan payment should be banked within five days of their course starting.

That all means students need a bank account. Bank of Scotland's 2013 Student Current Account includes a tiered interest and fee-free planned overdraft of up to £2000 (up to £1500 in years one to three and up to £2000 in year four). Perks with the account include a free NUS extra card for three years (discounts, offers and competitions from 160 brands and retailers) and a £75 discount off a holiday booking with STA Travel. A mobile banking app offers the ability to view account balances, pay bills and transfer money between accounts.

Santander's student account has revived an attractive feature previously offered by NatWest then HSBC - a free student railcard for four years. The account offers a 0% overdraft up to £2000 and 1% interest on credit balances up to £500. Santander also boasts online banking, branches on campus, apps and mobile banking.

Banks offer these carrots because traditionally customers tend to stick with their bank - only a small proportion switch every year. But from September 1, a new seven-day switching guarantee will make moving accounts much easier.

Security and insurance are other important things to think about at the start of term - especially as a recent survey shows the average student now takes more than £2000 worth of possessions to university.

The survey, by specialist student insurer Endsleigh and the National Union of Students, revealed that almost one in four students will take an iPad with them to college, and the average student has more than £700 of digital music and £200 of online journals and textbooks, as well as laptops and smartphones.

Sara Newell at Endsleigh says: "We'd always encourage students not to leave it to chance, or even assume they're covered by their parents' policy, as these policies won't necessarily insure you for loss outside of your room, or for accidental damage, and may have other exceptions."

Endsleigh's tips include: check the security of your accommodation when you arrive and raise any safety concerns with the landlord/halls of residence immediately; lock doors and windows and hide valuables whenever leaving your room; invest in a Kensington lock for your laptop and back up work and digital downloads regularly; tailor your insurance to your own gadgets.

Meanwhile, Scottish students and school leavers may be paying too much tax on their income from summer jobs and should check more carefully the amount they owe, according to accountant PwC.

Changes to the operation of the PAYE system in April has meant that many students may now be paying too much tax.

Anyone earning less than £8105 in the last tax year - £9440 from April 6, 2013 - will be under the personal allowance limit and therefore exempt from paying tax.

Bruce Saunderson, head of investment advisory at PwC in Scotland, says: "It's important that students keep a close eye on their payslips and check their PAYE coding notices carefully to ensure the correct amount of income tax is being deducted. If they think they are paying too much - or even too little - it's vital they contact HMRC straight away to sort it out.

"They could also take more control of their finances, as by letting HMRC know in advance what their estimated earnings for the year are they can make sure they're issued with the correct PAYE code."