Calculating the cost of post-secondary education

Every student knows that university or college can be expensive. The costs of tuition and textbooks add up quickly!

There are, however, a lot of expenses in addition to tuition that you may forget about when deciding how to pay for your education. If you know the cost of a full year of university or college and living expenses, you can create a plan for financing your education.

Here’s a list of considerations to think about while planning your post-secondary educational journey:

  1. Which university or college will you attend?
  2. The first step of your educational journey is deciding which university or college you’ll attend.

    Based on the 2023/2024 average, a Canadian undergraduate degree* costs $7,076 per year. An international undergraduate degree* in Canada costs $38,081 per year. But remember, this is the average, so you must research and compare the cost of universities and colleges across Canada.

  3. How many years of education is your program?
  4. Post-secondary education ranges from two-year certificates to multiple degrees, so there is a wide range of tuition costs, also depending on the degree path you choose.

    Tuition also increases each year due to inflation, therefore you must account for the increase in tuition when calculating the total cost for your certificate or degree.

  5. Where will you live?
  6. Although living with family isn’t an option for every student, there are still other easy and affordable choices. If you’re able to live with your guardians, check with them to see if you’ll be required to pay rent or if you’ll need to pay for food/meals.

    Living on campus:

    • Transportation options - you’re already on campus, so transportation to campus is not required. You may, however, need transportation for other purposes.
    • There are meal plan options available.
    • You have the option to live with or without a roommate - automatic friends!

    Living off campus:

    • There’s the choice between renting or buying a place.
    • Transportation options to and from school – you may need to purchase a bus pass or a parking spot at the university or college.
    • You need to research how much rent/mortgage will cost, and how it will be split between yourself, guardians and possible roommates.
  7. Will you live alone or have a roommate?
  8. Whether you live on campus or off campus, there will still be an option to live with a roommate. A roommate can be beneficial to split rent, utilities and meals with, however you need to make sure you’re living with someone who fits your lifestyle!

    If you choose to live with a roommate, you must consider how you will split rent, utilities and meals. Will it be 50/50 or a different type of arrangement?

  9. How will you finance your education and expenses?
  10. Financing your education involves exploring options such as a Registered Education Savings Plans (RESPs), scholarships, high-interest savings accounts, and student loans.

    Registered Education Savings Plans (RESPs)

    • An RESP is a great way to finance your education, however if you don’t have an RESP open you’ll need to investigate other options. Don’t worry, we also have scholarships and loans available to fit your needs!

    Scholarships

    • Scholarships are available to many students based on a variety of requirements including academics, volunteering and athletics. Look on your university or college website, as well as federal and provincial sites and apply to as many as possible!

    High-interest savings account

    • Savings accounts are another option to earn a high-interest rate with cash used for financing your education. It’s great for everyday expenses like meals, gas, rent and entertainment, while you use the RESP for tuition.

    Student loans

    • Another great option for financing your education is to look into a student loan. You can take out a loan with your financial institution or with the government and there are different interest rates and payment methods available. It’s important to research loans to compare interest rates and determine if the loan offers a grace period.

    Quick tip: Working part-time during the school year gives you extra money to cover small expenses.


    As you can see, there are a lot of options to finance your education!

    If you’re interested in learning more about the expenses associated with post-secondary education, please give us a call at 1.866.863.6237.We’re happy to help!

    Book an appointment today

    *Tuition average costs are according to Statistics Canada as of February 14, 2024. These averages are for the 2023/2024 school year.