Using the bank of mum and dad is a popular joke among cash-strapped students.

But a new survey suggests concerns over money are having a greater impact on student life than ever before.

It seems more students are attending universities closer to home in a bid to save the pennies and they are picking courses based on future earning prospects rather than personal interest.

When it comes to choosing a course, 31 per cent of students nationally said they were motivated to choose their university because it was close to home.

However, in the lowest socio-economic groups this figure rose to 53 per cent.

The news comes as no surprise to Stephen Holdcroft, Kent University’s head of information, recruitment and admissions office.

“The issues of finance are more pertinent for students anyway and are only heightened by the credit crunch,” he said.

“It’s obvious an increasing number would consider local alternatives as a means of reducing their costs.”

The survey also revealed the average cost of university life is nearly £450 a year higher than students expect. Prospective students expect more financial help than they will actually receive, with 42 per cent thinking they will be entitled to a bursary to help support their studies. Only 28 per cent actually receive one.