@clssicalsaxmom- THANK YOU!
You need to crunch the numbers for off campus housing. Both of my kids lived off campus for their two last years of college…and really…it saved us nothing.
Both were in major metropolitan areas where the rents aren’t exactlyna bargain to begin with.
Remember, off campus, you will be paying all those bills for all 12 months of the year whether your kiddo is there…or not. Most leases are for 12 months. Some places don’t permit subletters if your kid happens to come home or go elsewhere for the summers.
Food does cost less IF your kid cooks…but if they end up eating out…that also sucks up a lot of money.
Thanks again Thumper1! Hadn’t considered all those factors. Did you mention that your one student was a music major?
One of my kids was a music performance major.
Back in 2006-2007, he paid $800 a month for rent only in an apartment he shared with three others. Add to that utilities and food. For 12 months…that was about $12,000 a year…which was about the same as living onncampus in his metro area. Oh…and we had to get him furniture.
My kids off-campus savings were quickly sucked up by an emergency visit by a locksmith (landlord wouldn’t reimburse us… said “my guy would have fixed it”. Which I’m sure was true-- if you wanted your daughter living in an apartment with no functioning front door lock for a week). Ditto a broken glass window in her bedroom where anyone could have hoisted themselves inside, and losing part of the security deposit due to a malfunctioning fridge (not the kids fault).
So put down your security deposit, first and last months rent… and pretty much kiss those savings goodbye unless your kid is in a bucolic college town where you don’t feel the need for emergency repairs at 10 pm on a Saturday night!
Was your music performance major satisfied with his education? Sounds like I need to sit down and figure a few things out before securing a lot of debt.
@blossom -Thanks for your input! Ugh! I really don’t like dealing with private landlords.
There is a great deal of good help available here. Don’t be shy, people come in and say “We make $120 but have a lot of debt” or “we make 80 and are supporting grandma” or “we make about 40 and have no retirement or college savings” or “We make $260 but live in a high cost area.” They’ve seen it all. I will tell you that most people would say that taking on parental debt (loans) is not a great option. You son can only take $5500 himself. Also not to do anything that will endanger YOUR retirement.
@PositivelyMe yes…my kid was happy. I sent you a PM.