Dorms Vs. Renting: Financial Considerations

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As a college student, you are well aware of how expensive it is to go to college. The tuition and textbooks alone add up quicker than you would like. Adding the cost of living in a dorm or apartment makes it even more expensive, but which one is more cost-effective? Doing the math and figuring out which one is less expensive for your given circumstance can help save you money. There are factors that can help you determine the cost of each.

Food

For many campuses, if you live in a dorm, you have to buy a meal plan to eat at the dining halls. You typically buy a certain number of meals and any that are not used may be wasted, which means you waste that money. However, if you live off-campus, you are able to skip the meal plan and either eat at campus restaurants or stick to groceries. This allows you the freedom to pick how much you are spending and budget your money. If you tend to overbuy groceries or eat out at expensive places, the money may add up.

Utilities

When you live in a dorm, you do not have to worry about things like water, gas, and electricity. These things are already factored into the cost of living in the dorm. Those who live in an apartment have to keep these things in mind each month. In some cases, these utilities are included in the rent, but more often than not, they are paid separately. Fortunately, there are things you can do to help save on utilities, particularly water and electricity. Figure out how much people pay for utilities in the area you go to school and add that to the cost of rent if it is not included. This will help you decide if it is cheaper to live in the dorm or off-campus.

Financial Aid

Most students obtain some sort of financial aid when they are going through school, whether that means scholarships or grants. Most scholarships can be applied to living in the dorms but cannot be applied to rent and related costs of renting. Be sure to read the fine print of any financial aid you receive to see what it can go to to reduce the costs. Some schools have programs where students can be Resident Assistants (RAs) and get their dorm room covered for their work. This can help save money if it is something that is available to you and you are accepted.

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Roommates

If you live in a dorm, the price you pay for your space is what each person pays. There is no opportunity to split the costs. However, if you rent an apartment, you can have roommates who will all split the cost of expenses such as rent and utilities. You may also be able to split the cost of certain bulk groceries you all use, like paper towels, toilet paper, or condiments. As long as everyone pays on time and chips in evenly, this can help reduce individual costs.

Amenities

College dorms often have a lot of amenities available such as computers, study lounges, and close proximity to campus fitness facilities. Many dorms also host events for those who live there. Apartments rarely have these kinds of amenities. You may have to pay for your own Wi-Fi and travel to find events you want to go to. Apartments have their own kitchen while dorms mostly have a microwave and mini fridge.

Furniture

Furniture can be a costly purchase for students. Dorms often come furnished, but those who are renting off-campus often have to get their own furniture. Some apartments already come with furniture, but most do not. There are options to rent furniture, which may be cheaper than purchasing. You may also have to hire help with getting the furniture into your apartment or do it yourself, which will be difficult if you do not live on the ground floor.

Transportation

Living in the dorms means you are on campus and can walk to your classes and do not need to invest in any kind of transportation. Depending on where you live off-campus, if you are not within walking distance, you may have to invest in some sort of transportation to get to and from campus. Some colleges have campus shuttles that will pick you up, especially if the apartment or house is near where other students live. However, if this is not an option, you may have to pay for public transportation, a car, or ride-sharing. These costs can be expensive. For example, if you bring your car, you have to pay for insurance, gas, parking passes, maintenance, and other related costs.

Living off-campus or in the dorms each has its financial pros and cons, but figuring out what you need for your particular situation based on a variety of factors can help you save money for your already tight budget.

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