Tenant concerns about security deposit & last month's rent

Hello, I'm very close to securing my first tenant and he happens to be a grad school student. I am asking him to pay first & last month's rent and a security deposit up-front. I understand that this may be a lot of money for a college student to come up with. I'm wondering if other landlords have been in this situation and did you allow any flexibility with the up-front payments? 

Thanks, 

Jon