If you are a student, chances are you have thought about living on campus before. If you don’t have the option of living with your parents, this is especially true.
There are a lot of considerations when trying to decide between living on campus, or potentially in an apartment, suite or house off campus.
I even once knew a student who lived in a Volkswagon camper van, which I guess would be the cheapest option.
Anyhow, there are some financial benefits to living on campus:
Proximity to School
This may seem very obvious, but the proximity you would have to your school would reduce or eliminate the need for a car for a student. We all know how expensive cars can be, so this is a huge benefit.
This is also positive because being that close to school almost eliminates the need to miss class (which can have financial implications) due to traffic and other concerns.
Student housing can be a lot less expensive than living off campus. You’re typically sharing a “dorm” with a handful of other people and therefore you are on the hook for sharing shower facilities, a kitchen, and all other amenities. This may suck if you are a solitary person, but so what? You are saving money and likely making some lifelong friends in the process.
Because you are sharing with so many people, if you are on the hook for utilities the bill will be divided among your roommates, which is going to save you a lot of money. Usually, however, this wouldn’t be the case because student housing covers this.
Potential Ability to Share
In my first year, I lived in student housing and one of my roommates had a schedule like mine but the exact opposite. We never had the same class on the same day, so the big benefit to this would be that we were able to buy just one set of textbooks and swap notes.
This saved a lot of money and boosted our grades.
We wouldn’t have been able to benefit from it if we didn’t live in the same dorm.
You’ll find that at least one or two people in your building will have the same classes so that’s another benefit.
Student housing can be a really fun place to live when you are going through college. Be mindful of your budget (and don’t charge student housing to your student loans) and you will benefit from living on campus.
Did you live on campus in college?