HMRC could offer them an average of £100 back if they are in paid employment.
Tax rebates could be available for students who work part-time, HM Revenue & Customs (HMRC) has indicated.
The tax body issued the reminder along with the results of a new poll, showing that seven in ten students are trying to stick to a budget while they are at university. The survey also found, however, that a third of the budgeters are not successful in keeping to their plans.
Under HMRC rules, the students could be in line for tax refunds averaging around £100. This is roughly equivalent to buying cinema tickets every week for a year or purchasing 120 mp3 downloads.
Jane Frost, director of HMRC Individuals Customer Directorate said: "We know that every penny counts when it comes to student income. We would therefore encourage students to make sure they check the facts about tax, especially if they're working, to make sure they don't miss out on a vital tax refund."
The tax body has also released a set of money-saving tips to young academics, including using student cards to get discounts in shops, taking out the best-value current account and setting out a "realistic" budget and sticking to it.
