Smart Living: 7 Ways Living on Campus Can Save You Serious Cash While Earning Your Degree

Living on campus while earning your degree can help you save money on living expenses. If you stay in your college dorms, you won’t need to buy groceries, pay for utilities, or purchase a car to drive to your classes. Most dorm rooms also come fully furnished, so you won’t have to spend money on a bed or desk.

Living on campus can also improve your grades, which may help you secure a better job after graduation. You may even be able to finish school early and save money on tuition. Keep reading for a full overview of how living on campus while earning your degree can help you save money.

7 Ways Living on Campus Can Save You Money

You Can Avoid 12-Month Leases and Late Fees

Room and board are usually paid before the semester begins, so you won’t have to worry about bills while school is in session if you live on campus. But if you rent an off-campus apartment, you’ll probably pay your landlord and utilities every month, so you’ll have more bills to juggle. If you forget to pay rent during a busy week at school, you may incur late fees, which can add to your living costs.

Plus, many landlords require tenants to sign a 12-month lease. If you aren’t planning to stay at school during summer break, it may make more sense to live on campus. That way you won’t have to pay rent while you’re gone or deal with the hassle of finding someone to sublet your apartment.

You Could Save You Money on Tuition

Living on campus while earning your degree can help you save money on tuition as well. Research has shown that students who live in the dorms are more engaged with their studies. Unsurprisingly, students who live on campus have a leg up academically. Living near the library makes it easier to study for long hours. Plus, there are always other students around in the dorms to study with or ask questions.

More than one in ten undergraduates fail a class during their college career. But living on campus could give you the performance boost you need to avoid failing grades, allowing you to save money on tuition. Being more engaged in your studies may also enable you to take extra classes and finish school early.

You Can Live Without a Car

Living on campus while earning your degree can even help you save money on transportation. If you live in the dorms, you probably won’t need a car. Most college campuses are very walkable, which makes it easy to get around on foot. Your school may also have shuttles to transport students to and from classes.

On the other hand, if you live off campus, a car may be a necessity. College towns often lack reliable public transportation, so you’ll probably have to drive yourself to school. According to Nerdwallet, owning a car will cost you an average of $1,015 per month. You’ll have to cover gas, insurance, routine maintenance, and a car payment (unless you purchase your vehicle in cash). Plus, you may have to pay for parking at your apartment and school.

Students in big cities may be able to rely on public transportation instead of buying a car. However, consider whether or not you’ll feel safe taking the subway after a late-night study session. If you think you’ll need to call Ubers frequently, it may be cheaper to live on campus.

You’ll Probably Save Money on Food

Most colleges require students who live on campus to buy a meal plan. Dining plans usually cost between $3,000 and $5,500 per school year. Considering how much groceries and takeout cost these days, this is a pretty good deal!

The average monthly cost of groceries for a single person has risen to $415. However, it’s unrealistic to expect a time-strapped student to cook every meal at home. The average restaurant meal costs $20, which means dining out twice per week will increase your monthly food costs by $160. So an off-campus student can expect to pay nearly $600 per month for food. Ouch!

Wouldn’t you rather pay the same or less for a meal plan at school and have all your meals prepared for you? I know which option I’d choose!

Many Amenities Are Included

Don’t forget all the amenities that are typically included with your room and board at college. You’ll get free, unlimited access to the high-speed WiFi you need to get your homework done. Paying for the same speeds at your off-campus apartment could cost you as much as $137 per month.

Dorms usually come fully furnished, so you won’t have to pay for big-ticket items like a bed or desk. Off-campus apartment dwellers not only have to purchase furniture but also pay to move it when their lease is up.

Another benefit of living on campus is that utilities are included. You won’t have to pay extra for heat or water like you would at an apartment. Laundry is even included in room and board at some schools. Students may get to use a community laundry room at no additional cost.

Although some off-campus apartments come with a washer and dryer, you’ll have to pay the associated energy costs when you use them. And if you don’t have in-unit laundry, you’ll have to lug all your clothes to the laundromat and pay to wash them, which is an inconvenience.

It’s Easier to Have an On-Campus Job

Living in the dorms not only helps you save money but also makes it easier to earn extra income through on-campus jobs. Many colleges pay their resident advisors to oversee dorm life or give them free room and board as compensation. If you’re looking for creative ways to raise funds for student organizations or athletic teams, programs like Fundraising University can help students and schools reach their financial goals.

If you have a work-study job at the library or gym, you won’t have a long commute to get there. It’s also easier to run a tutoring business and help students late into the evening if you don’t have to drive home afterward.

You May Get a Housing Scholarship

Some schools even offer housing scholarships to reduce the cost of living on campus. For example, the University of Kansas gives out $250,000 per year in housing awards to undergrads who live in the dorms. Eligible students usually receive anywhere from $750 to $6,000 per year to offset their on-campus housing costs.

But even without a scholarship, living on campus while earning your degree can help you save money on living expenses.

Do you think it’s better to live on campus or get an off-campus apartment to gain independence and life experience? Share your thoughts in the comments!

How Much We Paid for Our Child’s First Year of College

7 Essential Steps to Maximize Your Texas College Savings Plan

Come back to what you love! Dollardig.com is the most reliable cash-back site on the web. Just sign up, click, shop, and get full cashback!

Vicky Monroe

Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.