Tuition Costs Up? Really, I didn’t notice!

in Stats Canada, University Costs

So Stats Canada confirmed something that any parent who has a child in University (in Canada) already knew, that is that Tuition Fees are outstripping the Inflation rate in terms of rate increases. Overall across Canada the average increase is 5.0% however, those lucky enough to be in Ontario (like me) saw a 5.4% rate increase (remember we are only talking tuition here, not residence fees or all those incidental fees).

Remember that inflation has been running between 1.5% and 2.5% over the past year, so this is at best only a 100% overrun of inflation. Wonder what caused this? I have heard Universities say, it is due to lower Government grants and such, haven’t really seen a good explanation.

So your daughter wants to be a doctor? Wondering how much that might cost (I include a table of all programs lower down in this post):

Undergraduate students in dentistry ($16,910) paid the highest average undergraduate fees in 2012/2013, as was the case for the previous years. They were followed by students in medicine ($11,891) and pharmacy ($10,297).

No wonder Dentists are so stressed. As for Doctors, well at least when they graduate they can pay things off faster with all the bonuses communities are offering for them to move to their area.

You already have a degree, but are thinking that maybe an MBA will help you get ahead?

At the graduate level, the most expensive programs remained the executive master of business administration (MBA) with tuition fees of $38,508, and the regular MBA program, at $23,757.

Hope you are saving your pennies for that, or get someone else to pay for it!

I did mention those nagging extra fees as well, here is what you can expect in that area:

Nationally, additional compulsory fees for Canadian undergraduate students increased 3.3% in 2012/2013 compared with the previous year. On average, these students paid $750 in additional compulsory fees, up from $726 a year earlier.

Remember, those fees are not deductible either, and that does not include the price of text books or living expenses.

Don’t let it be said I haven’t warned you younger parents putting money into RESPs thinking you are saving for your kids education, let me tell you right now, it is not going to be enough. You had best use your TFSA as well, and any other way to save, because your RESP might get you through year 1 and 2, but you will be hard pressed to make it to the end of your kids post secondary education.

Tuition Gouge Increase by Province

Average undergraduate tuition fees for Canadian full-time students, by province

2011/2012 2012/2013 2011/2012 to 2012/2013
current dollars % change
Canada 5,313 5,581 5.0
Newfoundland and Labrador 2,649 2,649 0.0
Prince Edward Island 5,258 5,470 4.0
Nova Scotia 5,722 5,934 3.7
New Brunswick 5,728 5,917 3.3
Quebec 2,520 2,774 10.1
Ontario 6,815 7,180 5.4
Manitoba 3,638 3,729 2.5
Saskatchewan 5,734 6,017 4.9
Alberta 5,663 5,883 3.9
British Columbia 4,919 5,015 2.0

 Tuition Gouge by Area of Study

Average undergraduate tuition fees for Canadian full-time students, by field of study

2011/2012 2012/2013 2011/2012 to 2012/2013
current dollars % change
Agriculture, natural resources and conservation 4,961 5,095 2.7
Architecture and related technologies 4,788 5,077 6.0
Humanities 4,769 4,942 3.6
Business, management and public administration 5,673 6,060 6.8
Education 3,804 4,006 5.3
Engineering 6,155 6,552 6.5
Law, legal professions and studies 9,335 9,949 6.6
Medicine 11,313 11,891 5.1
Visual and performing arts, and communications technologies 4,591 4,793 4.4
Physical and life sciences and technology 5,247 5,478 4.4
Mathematics, computer and information science 5,781 6,111 5.7
Social and behavioral science 4,656 4,862 4.4
Other health, parks, recreation and fitness 4,873 5,092 4.5
Dentistry 16,037 16,910 5.4
Nursing 4,731 4,909 3.8
Pharmacy 9,719 10,297 5.9
Veterinary medicine 5,889 6,224 5.7
Questrade Democratic Pricing - 1 cent per share, $4.95 min / $9.95 max

{ 2 comments }

{ 2 comments… add one }
  • The Blunt Bean Counter September 17, 2012, 6:35 AM

    BCM, thanks for the heads up, I had not noticed 🙁

    I could have built a pool, tore out and replaced my kitchen and gone on a trip each year for what it has cost me the last 5 years for my kids and still counting.

    I think we discussed this once, but you can get the health insurance component waived on the compulsory fees if you provided proof your kids are covered under a health plan at work.

    Reply
    • bigcajunman September 17, 2012, 6:47 AM

      Yes, but they make the student go through back flips to do it. Our daughter at Acadia can’t get the money back for another month, thanks to the system, but she will get it back (eventually), excellent point made however, sorry I forgot that tip.

      Also buy your text books USED, or ON LINE (if possible).

      Reply

Leave a Comment

*

%d bloggers like this: