The comparison site looked at the country’s top 20 universities and analysed factors such as the cost of car and home insurance, crime rate, cost of accommodation and price of a pint in each location. St Andrews took top spot, with Exeter and Bath ranked in second and third place. Unsurprisingly, London institutions LSE, Imperial and UCL were the most expensive, along with Oxford University.

St Andrews secured the crown by ranking first for cheap home contents insurance at £85 a year. It also had the lowest crime rate for car and home crime. Cultural Cambridge boasts the cheapest in the top 20 for campus accommodation at £100 a week, Durham students will benefit from the cheapest pint at £2.10, and Bath for the cheapest car cover (£680).

Kevin Pratt, insurance expert at MoneySuperMarket, commented: “Our research found that St Andrews gives undergraduates the best deal on living costs. With the average graduate debt expected to reach a mountainous £44,000, savvy money management has never been so important. While tuition fees don’t change hugely between the elite institutions, what students pay for rent, bills and a pint will vary hugely.

Students attending universities in London are more likely to pay higher accommodation costs, while the most expensive pint for students was around the University of Surrey – an eye-watering £5.25.