ELFI study finds college housing costs start at nearly $9,000 per year on average, with few alternatives

KNOXVILLE, Tenn., July 20, 2026 /PRNewswire/ -- A recent study by student loan lender ELFI examined housing costs at 150 colleges and universities nationwide, finding that students pay an average of $8,828 per academic year for campus housing. The study also found that the majority of the institutions require first-year, full-time students to live on campus, limiting opportunities for students to explore off-campus housing alternatives.

Housing represents one of the largest expenses students face outside of tuition and fees. ELFI's analysis found that annual housing costs ranged from $2,590 to $16,564, depending on the institution and location. Schools located in higher cost of living areas, including Colorado, California and Massachusetts, tended to have the highest housing expenses.

"Tuition often receives the most attention during the college planning process, however, housing can also represent a significant portion of a student's overall cost of attendance," said Marc Schoonover, general manager of ELFI. "As students and families compare schools and evaluate financing options, it's important to understand the cost of housing and policies that may limit a student's ability to pursue alternatives."

The study showed private institutions have higher housing costs, on average, than public schools. Students attending private colleges paid $9,394 annually, compared to $8,656 at public institutions for living arrangements.

While off-campus housing is often viewed as a cost-saving alternative, ELFI found that students may not have that option. Among the 150 schools evaluated in the study, only 16% allowed first-year students to live off campus. Even when permitted, off campus housing may not always be cheaper.

According to the study, students considering off-campus housing should evaluate factors such as access to campus resources and activities, commute times, transportation costs and year-round lease commitments. While monthly rent may be lower than campus housing rates in some markets, 12-month leases can result in students paying for housing during periods when they are not enrolled in classes.

For some students, exceptions to on-campus housing requirements may be available. Schools may grant waivers for students who live with family members near campus, are married, have dependents, are over a certain age or qualify for disability-related accommodations.

"Factoring housing expenses into the decision-making process can help families build a more complete financial plan for college," Schoonover said.

As students and families continue to navigate rising education expenses, understanding housing costs has become an important factor. Financial aid packages may include grants, scholarships, federal student loans and private loans that can help offset these expenses.

The complete findings of ELFI's 2026 College Housing Study can be found here: https://www.elfi.com/student-loans/2026-college-housing-study/.

About ELFI

ELFI, formerly Education Loan Finance, is a nationwide student loan provider and refinance program offered by Tennessee-based SouthEast Bank. Since its launch in 2015, ELFI has assisted borrowers with student loan refinancing as well as with undergraduate, graduate and parent private student loans. ELFI makes financing your future simple by offering easy payment options, affordable rates and flexible terms in an application process that is transparent and secure. Learn more at ELFI.com.

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SOURCE ELFI