Going away to college can be significantly more expensive than living at home. The main reason for this is the cost of rent for an apartment or dorm. Some students are fortunate enough to be awarded scholarships that pay for housing, but unless your grades are among the top percentage in the country, you’ll be paying for it on your own.
When deciding on where to live, you must first consider everything you will be paying for while living off-campus that would otherwise be part of your housing payment in the dorms. The money you pay towards on-campus housing usually covers air-conditioning and heating, water, electricity, internet, and cable (Research the college you might attend to see what they provide). Make sure to take every expense into account to make sure one is more financially viable than the other.
From my experience, and what I’ve heard from others, on-campus housing is a lot more expensive than living off-campus. Apartment prices will vary depending on what part of the country or state you are in, but if you split the rent with one or more roommates, you’ll most likely be paying less than you would in dorms. If you are lucky enough to go to college with a friend you can split rent and utilities with — that will probably be your best bet — but if not, you might find it worthwhile to live on campus to make friends and possibly move out with them the following year.
Also, If you plan on living far enough from campus that would require a significant commute, be sure to think about the price of a parking pass or bus pass and the time it will take to get to class. A friend of mine thought to ask the manager of a restaurant near campus if he could park behind their establishment; his request was accepted and now parks there for free and makes the short walk to campus. Be aware of agreements like this that could save you time and money.
Remember, with off-campus living comes the chance of you becoming lazy and blowing off school because of you don’t feel like making the commute. So if you are the type of person who might fall into that sort of mindset fairly easily, I would suggest living closer to, or even on-campus to avoid this behavior and possibly flunking out.