Post-secondary education is an exciting chapter in your child’s life. And it’s an important financial investment that you can plan for together. Factors like your child’s chosen field of study, where they’ll be studying, and where they’ll be living will all affect the total cost of your child’s education.
But you don’t need a degree in math to budget for their education. Ask yourself these 4 questions to get a better sense of the budget you’ll need to build.
1. Where and what will they study?
How and what your child decides to study will have the biggest impact on the cost of their education. You can find tuition and fee information as well as budget calculators for their program and school of choice directly from the institution and add up the costs for each year. Keep in mind that tuition can rise from 0.1% to 6.5% across Canada¹.
Tuition fees based on field of study2
2. Where will they live?
Depending on where your child studies, their cost of living may be higher than the cost of their tuition. Commuting from home is a great way to keep costs down. But if your child has their heart set on an out-of-town school, or if campus life is a crucial part of the experience, you’ll need to budget for things like rent, utilities and food as part of the cost of their education.
3. What resources are available?
Don’t overlook scholarships, grants and bursaries. From academics, sports and volunteering to grants based on your child’s grades, every dollar counts. Additional government grants may be available that vary by province.
And if your child will be contributing their own savings or is planning to work part-time while they attend school, don’t forget to factor this into the overall cost.
4. How much will you cover?
You can pay for part of your child’s education and still make a meaningful impact on their future. Paying for one or two years of study, or agreeing to pay their tuition but letting them pay for their living expenses, are both great options that could help make your contribution go further.
Post-secondary education is a big financial commitment, but a great investment in your family’s future. Knowing the costs and how you’ll cover them will help you build a budget you can all feel good about.