Going to university is an exciting experience—but it doesn’t come cheap. Did you know undergraduate students in Canada spend an average of $19,498.75 on post-secondary education annually?
So as you plan to save up and give your child this once in a lifetime learning experience, it’s a good time to budget for other costs associated beyond tuition fees.
This infographic shows the additional costs you should consider when planning for your children’s university education.
How you can plan to cover costs
Here are some options you can use to meet these costs.
- Self-funded: Your child can work part-time while studying for their degree.
- Government student loans: The federal government and all provinces across Canada offer financial assistance to post-secondary students with financial needs.
- RESP and government grants: A Registered Education Savings Plan (RESP) allows you to take advantage of government grant programs to build up tax-deferred savings for your child’s post-secondary education.
- Scholarships: Your child may qualify for scholarships and bursaries; check out Scholarship Canada, Study in Canada, Yconic.
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