There's no dorm like home -- Page 2

Utilities
Advantage: Dorms. Utilities are included in the cost of the room and there are no deposits to pay. That alone could save a family hundreds of dollars at a time when they're feeling like an ATM. But check to see what services are actually included. The dorm room may have local phone service but no long distance or a phone jack, but no equipment. (Many students today, however, are forgoing a land line in favor of using their cell phone full-time.) Cable TV may only be available in a community lounge, and Internet access may or may not be included. Fortunately, more and more campuses are going wireless, giving students free Internet access.

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Food
Advantage: Off campus. This is where many families say they make up any difference in the cost of rent and utilities. Many universities require on-campus residents to purchase a meal plan, which can be pricey -- and may well go unused. It's common for students to get tired of eating in the dining halls. the Off-Campus Dining Network company reports that on average, 37 percent of prepaid on-campus meals are uneaten because the student ate somewhere else. Any remaining balance at the end of the semester is simply lost.

Pat Hunnell of Raleigh, N.C., says she lost money on the meal plan because her health-conscious daughter eats lightly and found little in the dining halls that appealed to her. She's done far better living off campus, fixing her own meals and taking her lunch. Of course, if your idea of fixing dinner is calling for take-out, you may want to take another look at the campus meal plan.

Furniture
Advantage: Dorms. The room may come furnished, and if it's not, it's a tiny space. A bed, loft or futon, along with a desk, a dresser and maybe a mini-fridge will be just about all you can cram in there. An apartment, on the other hand, will probably need not only bedroom furniture but also living room and dining room furniture and kitchenware. You can keep the costs down with pass-alongs from family and friends or by hitting thrift stores or garage sales, but there's no getting around the expense of setting up housekeeping.

Transportation
Advantage: Dorms. The cost of gas can't be ignored these days. Dorm dwellers can often leave their cars at home or just park them -- or not have one at all -- and get around on foot, by bike or campus bus, which is generally free to ride with a student ID. Whether you're on campus or off, if you're taking a car to college and it's in another part of the state or the country, let your insurance company know about the switch. The rates are based in part on where the car is garaged and how much it's driven, not the home address of the insured. You may be pleasantly surprised and see a drop in the premium -- or see enough of a hike to make you decide to leave the car at home.

Convenience
Advantage: None. This depends entirely on your definition of convenient. Living on campus can save precious time in getting to class, particularly if parking is at a premium and the buses fill up quickly. Hunnell says that at her daughter's school, the student parking is so far from campus, shuttle buses pick up at the lot, but it adds an hour to the day getting back and forth. But in an off-campus apartment, you can eat what you want when you want, to say nothing of having a washer and dryer handy. Dorm dwellers often have to vacate during school breaks and move their things out at the end of every academic year. Apartment-dwellers can lock and leave.

Long-term investment
Advantage: Off campus. Buying a place to live in during college can turn into a real money-saver. When the first Hunnell child could move off campus, his parents bought a three-story brownstone two blocks from campus for a mere $25,000. He lives in one of the units and they rent out the other two, which more than covers the mortgage. Their daughter attended the same school and lived in the house as well. By the time they're both done, mom Theresa figures that they'll have saved $54,000 in room and board charges. And the savings won't stop at graduation. "We're going to hang on to it," Russell says. "That's our retirement."