What’s the price of that assist? A 2024 Canadian University Survey Consortium survey of graduating college students discovered that 45% of scholars completed college with debt: “The common debt amongst all college students is slightly below $13,000 however greater than doubles to nearly $29,000 when solely these reporting debt are thought-about.” As well as, it famous, “College students required over $19,000 to finance their present 12 months of schooling, mostly counting on dad and mom, household or partner, present employment, and authorities loans.”
These numbers will be unsettling to listen to as a scholar, or as a dad or mum. This scholar monetary assist information can assist you perceive your choices, how the applications work, and the best way to apply and qualify for them. Keep in mind, you don’t have anything to lose from making use of!
How a lot does school or college college actually price in Canada?
As you in all probability already know, going to school or college is a giant funding, and tuition charges can range extensively by educational program. On common, although, Canadian undergraduates paid $7,360 in tuition charges for the 2024–2025 college 12 months, and graduate college students paid $7,662, in keeping with information from Statistics Canada. Worldwide college students paid considerably extra: $40,114 for undergraduate research and $23,233 for graduate research. (See average tuition fees for each province and territory, and 2024–2025 tuition fees by university.)
Past tuition charges, there are various different bills throughout your time in school or college, together with:
- Lease: Varies extensively by location, however the nationwide common month-to-month price of a purpose-built, two-bedroom rental residence in Could 2025 is $1,447, in keeping with the Canada Mortgage and Housing Corporation (CMHC). For a two-bedroom unit within the apartment market, the common month-to-month hire is larger, at $2,199. If you happen to shared with a roommate, your price can be about $723 or $1,100, respectively.
- Groceries: About $350 to $400 per 30 days
- Meals on campus: Varies by college and meal plan; at York College in Toronto, for instance, meal plans for college kids residing in residence within the 2025–2026 college 12 months vary from $3,800 to $6,950
- Books/course supplies: $500 to $1,000
- Travelling house: Varies
- Public transit: $80 to $150 for a month-to-month transit go
- Extracurricular actions: A couple of hundred {dollars} per 30 days
College students who reside at house whereas going to high school can save a superb chunk of cash. Listed below are extra tips about saving money for university and college students in Canada.
What monetary assist is offered for college kids in Canada?
The federal and provincial/territorial governments provide monetary assist to each part-time and full-time college and school college students in Canada.
The Authorities of Canada’s Canada Student Loans Program (CSLP) supplies monetary help to college students on the idea of economic want. The quantity of funding given to assist pay for bills corresponding to tuition, college provides and residing bills is decided by quite a few components corresponding to household revenue, tuition, program size and whether or not you’re enrolled full- or part-time, and school-related bills, as famous above. For a greater thought of how a lot scholar assist chances are you’ll be eligible for, try the Student Financial Assistance Estimator.
A scholar mortgage from the CSLP is publicly funded cash, which you don’t have to start out paying again till six months after you graduate or depart your research, and curiosity gained’t accumulate. After the grace interval is over, you’re liable for repaying the overall quantity you borrowed, plus curiosity. In 2023, the federal authorities permanently eliminated the buildup of curiosity on Canada Scholar Loans, each new and present. Any curiosity accrued prior to that date should nonetheless be paid, nonetheless.