Your son or daughter will be leaving for college soon, and it’s just hit you how much you’ll be paying out of pocket for tuition, room and board, and other college-related expenses. How can you pay high college bills—without piling debt onto the kid you love?
You could pay college bills by renting out your kid’s bedroom.
Your son won’t be using his room during the school year anyway—right?
Imagine yourself boxing up and storing all the belongings he left behind when he went off to college.
You re-carpet and paint, move in an easy chair purchased on Craigslist and an IKEA loft bed and desk—and then earn thousands of dollars each year renting the room to a student from a nearby college or grad school.
Here are 7 things to think about if you decide to pay college bills by renting out a bedroom:
1. Where will your child sleep on school breaks?
Plan that out ahead of time. At Dad’s house? In a top bunk in a sibling’s room? On a twin bed that you’ve pushed up against the wall in your cinderblock basement?
Your child can easily tolerate a little discomfort and inconvenience if it’ll lead to him having thousands of dollars less in onerous, burdensome debt after college graduation.
2. “Won’t it be weird to have someone we don’t know living in the house?”
Think of it like being a host family for a foreign exchange student through the AFS program.
That’s not weird, is it?
Your student renter starts out a stranger, but soon begins to feel like another family member.
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