Research has shown many do not know laws exist requiring landlords to pay deposits into a protection scheme.
Now the deposit protection scheme SafeDeposits Scotland has teamed up with the National Union of Students Scotland to launch the campaign "It's your money - keep it safe."
It offers advice on being aware of their and their landlord's rights and responsibilities and ties in with the start of the university year.
A leaflet has been produced that offers students tips to ensure the deposit process goes smoothly.
Jennifer Paice, chief executive of SafeDeposits Scotland, said: "We want this campaign to raise awareness among students, particularly those renting a flat for the first time, or who are taking up a new tenancy.
"It can be daunting moving into a flat so these tips will help students through the process and understand what both they and their landlords need to do when it comes to deposits and the tenancy agreement.
"One of the most important things is making sure their landlord is signed up with a tenancy deposit scheme."
Gordon Maloney, president of NUS Scotland, said: "Moving into a new flat and living with friends is a fun part of student life.
"But it is important that in amongst the excitement, students know what rights and responsibilities they have around their deposit.
"The tips we have worked on with SafeDeposits Scotland are simple to follow and will make any tenancy easier and stress free."