How to Cut Room and Board Costs

The price you pay for an education is on the rise. The cost of a four year degree is $15,000 to $30,000 and sometimes even more. And that's just the cost of tuition. When you add on room and board, your budget can really feel strained because that usually adds about 30% to the cost of college. But there are several ways to cut costs on room and board while your child is in college.

Instructions

1. Encourage your child to live at home. Some students fear that living with their parents will interfere with the much anticipated college social scene. But you can work it out as a family. It's worth the compromise to save all that money on room and board.

2. Take advantage of on campus housing. Residence halls and dorms are designed to house students in college and they're often cheaper than apartments and rental houses. Today's dormitories feature comfortable living spaces and students often have access to Internet, cable TV, gyms and even covered parking.

3. Find a student apartment. These are especially beneficial if your child will need a place to stay when typical on campus housing options aren't available. Some apartment communities are within walking distance of campus, which makes it conveniently located. And a few of these apartments will offer leases that run the length of one semester or even the school year.

4. Buy a house. Property values have risen consistently over the years, so real estate is a smart investment. And while your child is in college, you can rent out the extra rooms and make more money that way. Short term, renting rooms in the house could make your child's room and board costs significantly less than other options. And in the long run, you'll still have a great investment that you can sell for a profit.