<p>My son is not guaranteed housing for his second year of school and as such I am considering purchasing a flat in Montreal for his use as well as an investament...it really might not be a bad idea.</p>
<p>It is very common at the state schools here - but it is trailers rather than houses. At Auburn, for example, there is nothing close to adequate housing for even freshmen. DD's school counselor recommended at the junior parents meeting, Auburn applications to go in the summer before senior year, if the child wanted Auburn and freshman housing. Many families buy a trailer in one of the large trailer parks, and pass it down from sibling to sibling, then sell.</p>
<p>We have 4 kids so buying a home for any one of them is out.
The first year goes by FAST. My D made friends that first year that sustained her through the other 3. Dorm or not the important factor was not jumping in a car and coming home, of being dependent on the campus. When you have no where to go you have to make friends.</p>
<p>Housing is only guaranteed on campus for first 2 years at our S's school here in NJ.
But like California, housing prices are exhorbitant, even for tiny houses if you can find them.
I'm hoping I can convince him to register for the housing lottery next year for his Junior year and that he wins a spot on campus.<br>
Otherwise, he will probably rent a house with 2-3 of his friends.....the thought of the bathroom condition in such a house makes me cringe!</p>
<p>Buying and maintaining and paying the taxes on ANOTHER house in NJ makes me cringe more! Sounds like a viable option in some parts of the country.</p>
<p>It seems that the cost of a year abroad would be much less than private housing and all the friends could still be together. Have you considered this option?</p>
<p>Hazmat, it can be cheaper.... but only if the college accepts all the credits, the students can take what they need for their major, etc. We know many parents who were thrilled that they were saving money during a junior year abroad, only to have those savings wiped out by the fifth year required to graduate! For anyone in the sciences, getting credits transferred can be very tough. So-- do a junior year abroad if it makes sense for your educational goals, but I wouldn't look at it as an automatic cost saver without doing a lot of homework. And-- since most Americans can't get a work permit abroad, recognize that your kids employment earnings, summer job (if they end up staying through July which many do...) etc. will be forgone income.</p>
<p>I know the credits transfer but the grade does not factor into the GPA. At my school one may have an adjustment to summer earnings for 1 academic experience. I guess I thought that even science majors had enough electives to manage a year abroad...I have never heard of adding an additional year because of the credits. I cannot magine how that happened.</p>
<p>I don't think buying a house is always a crazy idea. A $200,000 30-year mortgage at 6% costs about $1200 per month. There are a lot of places in the country where that will buy you a condo large enough to have roommates, which will offset the cost. </p>
<p>The tax breaks on a second home and the high cost of dorming make this less crazy than one might think (unless the housing bubble bursts and you don't get the boost in equity you might have expected!) </p>
<p>Also, if a student is attending a state college, or would like to go to a public grad school in the state and is not currently a resident, the difference between resident and non-resident tuition can be huge. For example, a non-texas resident would pay 13,000 more a year to attend Baylor College of Medicine than a resident would. So a non-resident premed student going to college in texas could buy a house and live off-campus for a year, then save at least $52,000 in tuition.</p>
<p>A friend's daughter is at the DO med school in MO. She & her boyfriend just bought a house for $46K. The boyfriend attends Truman. Neither has income other than loans, the girl's younger brother had to co-sign. The brother is a full time student at a Cal State but till last week was a manager in a retail store. The boyfriend now is eligible for in state tuition. The house payment is now = their previous rent. When they have to move on they hope to sell or rent to other Med students. </p>
<p>We have been landlords- I would hate to put my child in that position with his roomates.</p>