If you have kids attending university, one of the key decisions is whether they should live on or off campus. Here are some pros and cons.
On-campus pros:
- All-inclusive; students don’t have to worry about paying for utilities every month
- Closer to classes and other amenities, nixing commuting costs
- Mandatory meal plans mean no extensive grocery shopping and can save time
- At most universities, items purchased through the meal plan are tax-exempt
- Rollover meal plans that remain valid even if the student moves off-campus can be used later
- Furnished with the basics, like a bed and desk
On-campus cons:
- Residence plans are usually quite rigid; students don’t have the flexibility to be frugal on campus
- Meal plan cost may exceed what a student would normally spend on food
- Mandatory meal plans are not always transferable or refundable; money left over at the end of the school year is lost
- Living spaces are often cramped