Housing Rebates for Good Grades: Is it Worth It?
Posted 27 Mar, 2008
You may have heard of “good student” discounts from companies-such as auto insurance–but what about from the colleges themselves?
The University of Oklahoma plans to do just that with their new “Academic Success Rebate Program,” which will mean partial cash rebates on housing costs for upper-classmen and grad students with high GPAs.
The goal is to get more students to stay living in on-campus housing after their freshman year by offering a financial incentive. Students can receive between $100-400 per semester based on their GPAs (the minimum qualifying GPA is 3.25).
Is It Worth It?
While the word “rebate” makes this program sound like a great deal, it may or may not be the best move for your pocketbook. If you are attempting to minimize your college costs, it is important to do a little digging, and see if the price of living off-campus might be lower.
In some cases room and board may cost a lot more for on-campus housing than the going price of off-campus apartments. For example, sharing a room in on-campus apartment at UC San Diego costs about $760 per month (including food), while sharing an off-campus apartment costs closer to $500 (including food). That’s a difference of about $2,340 per year! Ouch!
Some colleges, however, don’t have off-campus housing conducive to students or is located too far away from campus that would either create a pain for commuting or would disconnect your child too much from the vibrant campus life.
Making the Comparison
If you want to pencil out the difference-and see which is a better deal-you can start by comparing on- and off-campus pricing of the following items:
- Rent
- Food/groceries
- Parking
- Electric
- Gas
- Water
- Internet
- Cable
- Laundry
Remember, some of these things will be quoted as a lump sum by colleges, but that doesn’t mean it’s a better deal! Make sure you tally up the pros and cons with your student before you make any decisions!
All the best,
Deborah Fox
Deborah Fox is the founder of Fox College Funding, a nationwide company that helps families find creative ways to reduce their college costs.
photo: coins, coins 3 by lusi
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Related Posts
You may have heard of “good student” discounts from companies-such as auto insurance–but what about from the colleges themselves?
The University of Oklahoma plans to do just that with their new “Academic Success Rebate Program,” which will mean partial cash rebates on housing costs for upper-classmen and grad students with high GPAs.
The goal is to get more students to stay living in on-campus housing after their freshman year by offering a financial incentive. Students can receive between $100-400 per semester based on their GPAs (the minimum qualifying GPA is 3.25).
Is It Worth It?
While the word “rebate” makes this program sound like a great deal, it may or may not be the best move for your pocketbook. If you are attempting to minimize your college costs, it is important to do a little digging, and see if the price of living off-campus might be lower.
In some cases room and board may cost a lot more for on-campus housing than the going price of off-campus apartments. For example, sharing a room in on-campus apartment at UC San Diego costs about $760 per month (including food), while sharing an off-campus apartment costs closer to $500 (including food). That’s a difference of about $2,340 per year! Ouch!
Some colleges, however, don’t have off-campus housing conducive to students or is located too far away from campus that would either create a pain for commuting or would disconnect your child too much from the vibrant campus life.
Making the Comparison
If you want to pencil out the difference-and see which is a better deal-you can start by comparing on- and off-campus pricing of the following items:
- Rent
- Food/groceries
- Parking
- Electric
- Gas
- Water
- Internet
- Cable
- Laundry
Remember, some of these things will be quoted as a lump sum by colleges, but that doesn’t mean it’s a better deal! Make sure you tally up the pros and cons with your student before you make any decisions!
All the best,
Deborah Fox
Deborah Fox is the founder of Fox College Funding, a nationwide company that helps families find creative ways to reduce their college costs.
photo: coins, coins 3 by lusi
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Subscribe by Email
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