What it costs to attend post-secondary school
Have you saved enough for your postsecondary education? While paying for school may come from a combination of sources like RESPs, parents, OSAP, scholarships and personal savings, the total cost per program of study is the same for everyone. With only a few months left before the start of the 2018 school year, now is the time to get informed on what, exactly, this first year will cost.
According to Statistics Canada, tuition fees for postsecondary degree programs increased by 3.1% this year rom the previous academic year. The average cost for tuition for Canadian full-time students in an undergraduate program is $6,751.
The most costly average tuition fees were in dentistry ($22,297), medicine ($14,444), law ($13,642) and pharmacy ($10,279). However, among all Canadian undergrads, only three per cent were enrolled in one of these four programs.
Almost 60 per cent of undergrads in Canada were enrolled in one of four fields of study: social and behavioural sciences and legal studies (excluding law), business management and public administration, physical and life sciences and technologies, and humanities.
Did you know there are differences in tuition fees based upon where your university is located. Undergrad tuition in business were lowest in Quebec at $2,731, and highest in Ontario at $10,024. Whereas, studies in physical and life sciences and technologies cost more than the Canadian average of $6,191 in four provinces (Nova Scotia, New Brunswick, Ontario and Saskatchewan).
Tuition, however, is one of several costs to fit into your yearly budget. Additional compulsory fees will vary by institution but apply to all Canadian students regardless of field of study. This fee typically includes costs for athletics, student health services and student associations. The national average for this fee is $880.
Residence is a significant cost that can range from $5,000 to more than $10,000, depending on the chosen lodging. Students can assert some control over this cost by choosing to live in shared accommodations, and if possible, living off campus.
Meal plans are mandatory for students who live in residence. Budget for a cost of $3,000 to $5,000 to cover this item.
The cost of books can range significantly depending on the program of study. Plan to spend $400 to $1,000 per year.
Private health insurance is usually included in student fees. If you have private coverage through your family, you may be able to opt out of the school’s coverage once you provide proof of private health insurance.
It’s never too late to start budgeting for the first year of postsecondary studies. And, the more you save for that amazing year ahead, the better prepared you’ll be for the costs.