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The Cost of University
Unfortunately, a post-secondary education doesn't come cheap. There are some obvious and some hidden costs to note when saving for school, starting with the most obvious: the tuition fees.
Tuition
This number can be tricky to pin down. Tuition in Canada can cost anywhere from $4,000 to $8,000, depending on the program and university you decide to attend.
For example, students applying for a co-op program usually pay up to $1,000 more than their full-time peers. And certain programs, such as engineering or architecture, are often priced higher than liberal arts degrees.
Some of the factors that have an impact on tuition include the lecture format, the need for hands-on labs and time in groups with teaching assistants. If you're attending university on a part-time basis, the number of courses you take usually determines your tuition.
Many universities have information about projected tuition costs on their websites. Visit your schools of choice online to get a better sense of tuition fees.
Residence and meal plan
No matter where you go, residence fees can be more than $5,000 (including a meal plan).
The cost can vary depending on what type of room you want: single, double, triple or apartment style. First-year students in residence, however, often share a double room.
A meal plan typically provides you with a number of meals a day in the cafeteria as well as some "flex cash" you can spend at other food venues around campus. They generally work on a system called "declining balance," which is like a debit card without the personal identification number (PIN).
Some systems let you pay for what you buy individually, while others are grouped at a fixed cost for each meal. And some universities let you make individual choices (e.g. whether you want to eat most of your meals in the cafeteria, or would like more flex cash).
In the end, how much you pay for your meal plan essentially depends on your eating habits.
Books
How much you spend on books depends on how keen you are to save money.
Buy all your textbooks from your university bookstore and you could be paying a significant amount each term. Pursue alternative methods, however, and you could save some money.
- Buying second-hand books - Scrounging around used bookstores for your English class novels can save you money. It takes time and patience and the pages may not be the same, but it could be worth the flipping!
- Watching for used-book flyers - You'll find signs and pamphlets around campus advertising used books. Sometimes you may even be able to haggle with the buyer to get the price down. Either way, it's considerably cheaper than paying full price.
- Borrowing from your friends - If you know someone who has already taken the class, you could try to borrow their text for free by offering a perk, such as dinner, in return.
- Buying online - You can save money by buying new and used textbooks over the Web. It takes a little longer, but you may be able to score a deal on shipping if you get together with friends and buy in bulk.
Student fees
Your student union usually includes fees in your tuition to fund events, services and clubs at your university. A nice thing about student fees is that some of them can be refundable; the drawback is that you may not be able to join some groups, such as the student newspaper or campus radio station, if you get your money back.
If this isn't a concern, you may be able to redeem some of your fees by taking your tuition receipt to the student union office.
Take a breath
Paying for university can be stressful. But it can also be easily managed if you save where you can. For more saving tips, check out these articles.