I remembered that my Alma Mater had posted somewhere on its website a helpful budgeting (but not debt reduction) tool for Students coming to the University, and I had forgotten how much was there. I figured I’d look the tool up (here is a link to it). After getting some smelling salts, I tried to figure out just how far OFF my calculations are for my eldest daughter (who most likely starts University somewhere in the next three years).
Let’s review the numbers posted (the numbers quoted are from 2005, so they are much higher now):
- A student in the Co-Op program living on campus would pay $10K-12K
- Living Off-campus they’d pay $7K-$8K
- If they lived at home $4K-6K
Well, that isn’t too bad, wait a minute, that is only for four months!!!! The total debt is $8K * 8 terms = $64K worth of debt or cost for this education.
Where are those smelling salts again?
What can I do?
- Make sure I use the RESP that I have set up. This gives me some extra money. I’ll post something about that in a day or two.
- Lots of bursaries and scholarships are out there, look around.
- Lobby your MP and MPP about the cost of Post Secondary Education!
If you have very young children, start saving NOW, because how much this will cost in 16 years is anybody’s guess (did I mention my new son who will be looking at universities then?).
START SAVING NOW!!!!!!! (or start planning debt reduction for afterwards)