Living on Campus While Earning Your Degree Can Help You Save Money
Q: How do you save money by living on campus while you earn your degree? College is costly, and every dollar saved counts. Most students believe off-campus living is the economical route, yet dorm life can be the more financially savvy and rewarding decision, as it prevents the accumulation of unseen costs often associated with off-campus living such as travel, utilities and groceries. I’ve done both, and from my experience, I can confidently say that living on campus ended up saving me a lot more money than I thought it would. Let’s unpack this and see how you can take advantage of on-campus living as well.
Lower Transportation Costs
That was the most significant one I saw — “transportation” expenses. Campus living can help you avoid gas and your car maintenance costs as parking on campus generally is waived.
When I lived off-campus for a semester, I had to wake up really early, ride the bus, or pay for parking every day. It was a nightmare. But when I got back on campus, everything was walking distance. Forget about missing the bus and being late to class due to traffic. This is also budget friendly, as numerous universities run free shuttle service.
Plan Your Meals: Reduce Your Food Expenditures
You also get access to food that you may not have if you choose to live off-campus and buy and prepare your meals. Although meal plans tend to be high $$ in the beginning, they can provide a wider variety of meals per day for much cheaper than grocery shopping or going to a restaurant. When I lived off campus, I tried grocery shopping because I thought it would save me money. The reality? I wound up spending far more than I’d expected on ingredients, snacks and eating out when I was too exhausted to cook. Dining on campus was not only much more convenient, but I was also able to shop with a better sense of budgeting my food expenses. Universities have different meal plans, so you can choose the one that best meets your needs and budget.
Includes utilities and rent
If you live in an off-campus apartment, rent, water, electricity, internet and trash pickup are all part of your budget. Each of these costs is lumped into one bill in on-campus housing. One winter living off-campus, I got socked with a huge electricity bill, and that was a big distraction that I’d never even had to think about while living in a dorm. On-campus housing had no surprise expenses. I also had unlimited WiFi, which saved me at least $50 a month.
Eligibility for Financial Aid and Scholarships
A little-known fact: Some universities provide students who live on campus with specific financial aid, grants or scholarships. I literally got a housing grant just for living in a dorm. It made my living expenses so much lower, so my college experience was one I could more easily afford. Contact your school’s financial aid office — there might be similar opportunities available to you!
Skip Expensive Gym Memberships
Many college dormitories—especially on large campuses—also provide free access to gyms and fitness and recreation facilities. When I was living on campus, I worked out at the university gym for free every morning. But when I lived off campus, I had to pay for a gym membership, about $40 a month. That’s nearly $500 a year in additional expenses! Of all the chores of daily life, laundry takes the most time and money. Many campus residents offer reduced or complimentary laundry service. When I lived out-off-campus, I had to go to a laundromat and pay per load plus transportation. But in my dorm, doing laundry was built into my housing fee and I could do it whenever I wanted.
Network and Career Opportunities
You live in the epicenter of events, career fairs and networking opportunities. I lived on campus, so I went to workshops and met professionals who would later help me get internships. And many on-campus jobs are only available to dorm students, which provides you with a source of income on top of your studies.
More Time to Focus on Studies
Commuting takes time. Living on campus frees that time up for studying, relaxing, or moonlighting.
When I lived off-campus, I would spend almost two hours commuting every single day. That’s 10 hours a week! Once I moved on campus, I utilized that time to study, discover clubs and experience college without any pressure.
Corporate security and emergency response
Campus dormitories are safe with round-the-clock security, emergency medical assistance and safety protocols. Once, my apartment off campus had a plumbing problem in the middle of the night and I had to wait until morning for it to get fixed. I had access to follow-up maintenance on campus when I needed it.
Social Life and Mental Well-Being
Loneliness and stress can be par for the course in college. Living in the dorms also allows you to create friendships and grow a solid support system. The best friends I have today are the ones who were in my dorm with me. We collaborated, supported one another in challenging moments, and made beautiful memories. The sense of community kept me positive and motivated.
Conclusion
Living on campus was, for me, the best financial and personal decision I made in college. The benefits were infinite; from the savings of rent, utilities, and transportation to scholarships and career opportunities. If you’re hoping to save money, decrease anxiety and maximize life at school, you should live on campus. It may even be the best financial decision you ever make.