If a student decides to go to a college one or more hours away from home, a large part of their living expense is room and board. Of course, there are the traditional dorm rooms and meal plans or off campus apartments. But both of these options are rather expensive. At my Alma mater, the University of Michigan, a dorm room and a meal plan can run a student anywhere from $8,370 for a triple to $12,530 for a single with a private bath. A studio off campus can run $650 per month and a 3 bedroom apartment $1,500 a month. Neither of the apartment options includes heat, electricity or food.
However, if a student is willing to take the non-traditional route, there are a few options available that will cost the student less out of pocket and ultimately reduce the amount of student loan debt they may have to acquire. Continue Reading