Finance Your Education
September 29, 2015
Budgeting for student life—How much
will your post-secondary education
cost?
Estimating the cost of your postsecondary education
Your costs will generally fall within three
major categories:
•tuition fees
•books and other course materials
•living expenses
University Tuition Fees in Ontario
Fees are composed of tuition (academic) fees and
compulsory incidental (non-academic) fees.
Basic student tuition fees vary by program and faculty,
but it is helpful to have a general idea of the educational
costs you can expect in your first year:
$6,040 and up for tuition fees, depending on your
program and campus
$1,185 and up for incidental and ancillary fees
College Tuition Fees in Ontario
Average cost of tuition for one academic year in an
Ontario college program:
•Diploma Programs - $2,400
•Graduate Certificate Programs - $3,600
•Bachelor’s Degree Programs - $6,100
•Collaborative Programs - $5,000
You can also expect an average of $800 in ancillary fees
(student activity fees, athletic fees, health insurance,
etc.)
College Tuition Fees in Ontario cont.d
Tuition for specialized programs may be higher.
For example, programs that involve training on
specialized equipment (such as heavy equipment
operator or aviation) require college investment in this
equipment, as well as in facilities and ongoing
maintenance. These costs are often factored into tuition
costs.
Other programs, such as photography or fine arts
programs, may require you to buy extra equipment or
supplies on top of the cost of tuition fees, which can
increase your expenses.
Materials Costs
Cost of books and supplies for College and
University Programs
$1000 and up
Living Expenses
The biggest factor that will affect your living
expenses is whether or not you can continue
living at home with your family. If that is a realistic
option for you, it can cut your living expenses by
thousands of dollars a year.
If you plan on living in residence, check
residence and meal plan costs on the website of
the university or college that you hope to attend.
Living Expenses (cont.d)
Some schools’ websites also provide estimated
costs for living off-campus. If you plan to live offcampus and will need public transportation, look and
see how much a public transit pass will cost. If you
have a car, check and see how much you will need
to pay for gas and parking.
Whatever your living arrangements, there will be
some other costs to consider, such as clothing,
computers, cell phones and entertainment. Look for
ways to save by focusing on your “needs” and
cutting down or your “wants,” or non-essential
expenses.
Your costs will likely rise
For example, the average tuition cost 3.3%
more for the 2013/2014 school year than the
previous year.
The cost of your books and your living
expenses are more likely to rise than not, even
in the short term.
Whether you’re budgeting for next year or five
years from now, remember to include cost
increases to have a better idea of how much
money you’ll need.
There are a lot of great tools available to
prospective students to help create a
budget, so you don’t need to start from
scratch.
Most banks host student budgeting tools
and resources on their websites.
Websites such as the Canadian website
studentfinance101.org are hubs of
resources, featuring advice, financial
calculators and comparison charts.
Once you have put a realistic budget together,
the next step is thinking about where the
money to cover the expenses will come from.
SAVING IS ALWAYS THE FIRST
BEST OPTION
While using savings to fund your education
is ideal, 30 per cent of Canadian families
don’t set aside funds for their children’s
education, according to Statistics Canada.
However, it’s not too late to save up a safety
net to avoid relying on expensive borrowing
products such as credit cards and lines of
credit.
Summer earnings may not be enough
The poll found that among students working this
summer, nearly half (45 per cent) are
making $11.00 per hour or less, and 60 per
cent are working part-time hours.
As a result, most college and university students
(73 per cent) will also need to work during the
school year to support their education expenses.
This suggests that many students are struggling
to cover their school bills with summer
employment alone.
WORKING WHILE AT SCHOOL
If you have to work to make ends meet, consider
jobs that are worth your while.
Taking on a minimum-wage position may not
make sense, especially if your marks suffer from
so much time away from studying.
What can make a retail job worthwhile is the staff
discount: you might get a decent enough
discount that paying for your laptop or monthly
groceries becomes that much easier.
Jobs that come with tips, such as bartending or
waiting on tables, are obvious options.
There are jobs that offer other perks worth
considering, though: landing a position as a
library monitor, for example, would allow some
time to study while at work; teaching fitness or
working at a gym would enable you to get in
much-needed workouts for free.
•
Statistics Canada figures estimate students
with both public and private debt end up
owing an average of $37,000 by the time
they graduate.
Repaying that debt is becoming more of an
issue
From the late 1990s to 2013, there has been
"a significant increase of young workers in
temporary, insecure, or contract work, from
eight per cent to almost 12 per cent — a much
greater increase than in the [age] 25-plus
category.".
According to Statistics Canada’s Youth
In Transition Survey, 36% of students
who ceased their studies early cited
financial reasons.
Scholarships are just for the smartest kids in the class!
BURSARIES
•
Bursaries are typically awarded on the
basis of financial need to help eligible
students cover school expenses.
•
Sponsored by various organizations such
as post-secondary institutions, hospitals
and private companies, bursaries
sometimes involve work-terms as form as
payments
SCHOLARSHIPS
These are awarded for a variety of
reasons. These may include
academics, community
involvement, extracurricular
activities, language, and heritage.
These usually don’t require that
you pay back the funds!
"Application Required"
"Application Not Required"
•means
•means
that you must
submit an application in
order to be considered
for the award.
that you will be
automatically considered
for the award when you
apply to the university
•no
application is
necessary.
"Renewable"
•scholarships
are those
that can be received for
more than one year, if the
stated criteria are met
each year.
"Non-renewable"
•scholarships
are only
available for one year.
However, schools that
offer these scholarships
often offer additional
upper-year scholarships
that are not listed in
INFO.
Other Sources of
Information
www.electronicinfo.ca
www.ontariocolleges.ca
University and College Websites
Register at
www.scholarshipscanada.co
m to find even more
financial aid opportunities!
ANOTHER HANDY
RESOURCE
Richardson’s Homepage!
http://www.richardson.ddsbschools.ca
•
Does the company or organization you or your parents
work for offer any scholarships?
•
Do you or your parents belong to a union or an
employee organization that offers scholarships?
•
Are you or any members of your family veterans or
children of veterans?
•
Do you belong to a club or a sports organization that
offer scholarships?
Anything that makes you
DIFFERENT
from other students applying for a scholarship is
IMPORTANT.
Start BRAINSTORMING Now!
Do not forget about
applying for
Scholarships and
Bursaries once you
get to your postsecondary destination!
STUDENT LOANS - OSAP
A student loan is a partnership between
you, your post-secondary institution, the
provincial and federal governments
and the National Student Loan Service
Centre.
The government pays the interest on the
loan while you are in school.
Six months after you complete your
studies, you will begin to repay your
student loan.
Full-time students (60%+ of a full course load; 40%+ if you have a
permanent disability) are considered for:
 30% Off Ontario Tuition
 Ontario Access Grant
 Ontario Access Grant for Crown Wards
 Canada Student Grant for Persons with Dependants
 Canada Student Grant for Persons from Middle-Income Families
 Canada Student Grant for Persons from Low-Income Families
 Canada Student Grant for Persons with Permanent Disabilities
 Ontario Distance Grants – Travel or Commuting
 Ontario Living and Learning Grant
 Child Care Bursary
 Ontario Student Opportunity Grant
OSAP determines the mix of grants and loan.
The Work Study program is offered to provide
students with demonstrated financial need with
the opportunity to receive priority for certain
part-time jobs during their studies.
The Work Study Program is a need-based
program, meant to supplement, not replace,
government student assistance, student and
family contribution and a student line of credit.
Many financial institutions have
developed a loan program
especially for students, charging a
preferential interest rate.
Most institutions also have a credit line, which
allows more flexibility, setting a maximum
amount of money that you can borrow.
The benefit is that you pay interest only on the
funds that you use.
You are only expected to pay the interest on
a monthly basis while you remain in school.