The world's northernmost capital is small, safe and startlingly creative, wrapped in volcanoes, waterfalls and lava fields. English is near-universal, the University of Iceland and Reykjavik University pull in exchange students, and the natural drama, from northern lights in winter to the midnight sun in spring, is simply unmatched. You trade high prices for an experience no other European city offers.

• Near-universal fluent English makes daily life and study easy
• Northern lights from roughly September to April, then almost endless daylight by May
• One of the safest capitals in the world, with the outdoors on the doorstep

For a small city the scene is lively: the weekend djammid bar crawl along Laugavegur gets going late and runs till dawn, and locals warm up at home first because drinks out are so dear. Swimming pools double as social hubs, and the student societies at the University of Iceland and Reykjavik University run events, trips and the famous hot-pot hangouts.

• Join the weekend djamm along Laugavegur, where Kaffibarinn and Prikid are institutions
• Socialise at the geothermal pools (Laugardalslaug, Sundhollin) like a local
• Follow the University of Iceland Student Council and ESN Iceland for trips

There is no sugar-coating it: Iceland is one of Europe's most expensive countries, so budget roughly 1,500 to 2,200 euros a month. Rent and eating out are the big hits, with a restaurant main topping 25 euros and a pint around 10. The savings come from free geothermal swimming, superb tap water and cooking from the discount Bonus supermarket.

• Shop at Bonus (the pink piggy logo) and Kronan to keep grocery bills sane
• A beer out costs around 1,400 to 1,800 ISK (9 to 12 euros), so locals pre-drink at home
• Never buy bottled water, as Iceland's tap water is among the world's best

Student housing is run by Felagsstofnun studenta (FS) at the University of Iceland and by Reykjavik University's own halls, and both are limited, so apply the moment you are accepted. Private rentals are scarce and expensive, often advertised in Icelandic Facebook groups. Many students share flats in the suburbs of Kopavogur or Hafnarfjordur to cut costs.

• Apply for FS student housing (Studentagardar) as early as humanly possible
• Search the Leiga and housing Facebook groups, and expect stiff competition
• Ask the Studcasa Reykjavik group about sharing in Kopavogur to save on rent

There is no metro or tram, so Straeto's yellow buses are the public network, bought through the Klappid app with a student discount. Downtown 101 is compact and walkable, and plenty of students cycle year-round in full waterproofs. For the countryside you will want to rent or share a car, as the sights are spread out.

• Get the Klappid app and a student Straeto pass for the yellow buses
• Downtown is walkable, and a bike plus good rain gear covers most of the city
• Split a rental car with friends for weekend trips beyond the bus network

The University of Iceland (Haskoli Islands) is the oldest and largest, strong in geosciences, environmental studies and the humanities, while Reykjavik University (HR) leads in business, law, computer science and engineering. Both teach many master's and exchange courses in English, and the Iceland University of the Arts adds a creative option.

• The University of Iceland is the natural pick for geology, glaciology and environmental science
• Reykjavik University runs strong English-taught business and computer-science programmes

This depends entirely on your passport. Iceland is in both the Schengen Area and the EEA, so if you are an EU or EEA citizen you can simply move over and register, with no visa needed. The one essential is a Kennitala, the national ID number you use for everything from opening a bank account to getting a phone contract.

If you are from outside the EEA, including the UK, US, Canada and Australia, you need a study residence permit applied for through the Directorate of Immigration (Útlendingastofnun) before you travel. Start early, budget for the proof-of-funds requirement, and do not book flights until it is approved.

• EU/EEA, no visa; just register for a Kennitala on arrival
• Non-EEA, student residence permit via Útlendingastofnun before travel
• Proof of funds required, a set minimum monthly amount

Icelandic food leans on lamb, fish and skyr (thick yoghurt), with rye bread baked in the ground and the odd dare like fermented shark. The real ritual is cheaper and warmer: hot dogs from Baejarins Beztu Pylsur and long soaks in the geothermal pools. Coffee culture runs strong against the cold and dark.

• Queue for a pylsa (hot dog) with everything at Baejarins Beztu Pylsur
• Try plokkfiskur (fish stew) and skyr, and be brave with hakarl if you dare
• Make the neighbourhood swimming pool and its hot-pots your weekly routine

101 Reykjavik is the creative downtown heart, with Laugavegur shopping, bars and colourful houses. Vesturbaer, just west, is quiet and handy for the University of Iceland. Grandi by the old harbour is the up-and-coming food-and-culture strip, while Kopavogur and Hafnarfjordur offer cheaper rooms a bus ride out.

• 101 (downtown): nightlife, cafes and the compact, walkable core
• Vesturbaer: leafy and next to the University of Iceland campus
• Kopavogur or Hafnarfjordur: cheaper shared flats a short bus ride from town

Reykjavik is the launchpad for Iceland's greatest hits. The Golden Circle, taking in Thingvellir, Geysir and Gullfoss, is an easy day out, and the south coast's waterfalls (Seljalandsfoss, Skogafoss) and the black beach at Vik are two to three hours on. The Snaefellsnes peninsula and the Blue Lagoon or Sky Lagoon round out the weekends.

• Golden Circle (Thingvellir, Geysir, Gullfoss): a classic day trip
• South-coast waterfalls and Vik's black-sand beach: 2 to 3 hours by car
• Soak at the Blue Lagoon or the newer, closer Sky Lagoon

The weather changes by the hour, so check safetravel.is and dress in windproof layers whatever the forecast. Buy any alcohol at the airport duty-free on arrival, because the state Vinbudin shops are limited and dear. Chase the aurora forecast on the Icelandic Met Office site, and never underestimate the wind when driving.

• Buy alcohol duty-free at Keflavik on arrival, as Vinbudin state shops are pricey and close early
• Check road and weather at safetravel.is and vedur.is before any trip
• Ask the Studcasa Reykjavik group how to split car hire and tours to cut costs