Have you ever thought about buying a second home?
So Johnny just graduated from Huntsville High School in Huntsville, AL and won a full scholarship to a BIG University in Alabama. Since you of course will be visiting him often or at least every weekend in the fall for Gameday Weekend, rather than staying in a hotel for $450 per night, why not consider buying a 2nd home in the lovely college town of your choice.
Seconds homes simply require a 10% down payment ( which you just saved because Johnny got a full ride) and the rates are the same as if you were purchasing a primary residence. With a second home, unfortunately, you are not allowed to generate any rental income, but he got a full ride and needs a quite place for all the studying that will be happening. Keep in mind also you can still have a competent Realtor® negotiate up to 6% of the purchase price to go towards closing costs, another bonus.