I attend university in the United Kingdom but have a 529 college savings plan in the United States. As I understand it, money from this plan can be used to cover my off-campus housing expenses.
However, the amount cannot be greater than:
The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution.
This seems to be straightforward for those attending US-based universities, where students generally pay a fixed price for dorms (or where the prices vary by only small amounts). However, my university offers a prodigiously large variety of accommodation arrangements, ranging from situations where 3 students live in stacked beds in a single room, all the way up to studios that cost two thousand pounds per month.
Am I only able to apply the cost of the cheapest available housing option to my off-campus rent, or could I apply the cost of an equal housing situation offered by the university to my off-campus rent?