When planner Andy Tilp's daughter was in college, she wanted to live off campus after her freshman year. After considering the options, Tilp and his wife ended up buying a three-bedroom home about a half-block from campus. Their daughter lived there with roommates during her last three years of college.
The arrangement was a win all around. "Bottom line, between my daughter's scholarships, the cost of the house we bought and her (thankfully) frugal living, her private college costs were actually lower than the full cost of a state university," says Tilp, founder and president of Trillium Valley Financial Planning in Sherwood, Ore.
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