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"Now, many parents say buying a home — condo or house — can cost less than renting or paying for a dorm.
Today, many have amenities galore, such as private bathrooms, gyms, pools and theater rooms. Upon graduation, parents can sell or keep the place as a rental.
According to the 2016 "Trends in College Pricing" report from the College Board, a nonprofit organization focused on higher education, the average 2016-2017 room and board charge for full-time undergraduates at public four-year colleges and universities is ,440, up from ,150 in 2015-2016. For full-time undergraduates at private nonprofit four-year colleges or universities, the average 2016-2017 room and board is ,890, up from ,540 in 2015-2016. For a local example, freshmen at the University of Illinois at Urbana-Champaign are on the hook for approximately ,100 a year for room and board; that figure includes mandatory housing-related fees.
That's ,400 for four years, based on 2016-2017 costs.
(Brooke Fasani / Getty Images) Talk about a story problem.
While those fictional textbook scenarios whipped up to help elementary school kids may be behind you, some parents and their college-age children are sitting at their kitchen tables and tallying this real-life number-cruncher. X = paying a child's room and board for four years in a dorm, apartment or fraternity or sorority house.