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The Costs of University?

in Registered Education Savings Plan, University Costs


A while ago, I talked about the high price of sending my daughters to my Alma Mater (the University of Waterloo), but let’s revisit it (and also given that the data is about 2 years out of date now). What are the costs of University in Canada (or costs of University in Ontario to be specific)?

If it is going to cost me $8000.00 per 4 month term, which will add up to almost $65000 for a full degree. Holy smokes, now yes this is not the cost that places like Dartmouth charge (evidently that is the cost of 1 year of schooling there, and that is in American Cash too), but still this is a large amount of money.

So how do you combat these high prices? No there is no discount program, or anything like that (but you might get some PC Points if you paid with your credit card).

Steps to take:

  1. Make sure you have those RESPs cooking. This is free money from the government, take advantage of it, please!
  2. Co-op, it is not for every student, but a lot of kids I went to school with paid their way through school with their co-op jobs.
  3. Scholarships, you’d be surprised how many of those are out there, and there are some that go unclaimed, look into it. A lot of them are not mark based, they are need based, McDonald’s has a scholarship, Tim Horton’s does, as does the Girl Guides!
  4. Bursaries and Government loans. Well, this is the last choice, but if you need these, then get them.

The bottom line is a post secondary education is that important, maybe you need to put yourself in a bit of a financial bind, but you are investing in either yourself, or your kids, which is usually a good investment (IMHO)

{ 2 comments }

  • awardtour November 20, 2006, 10:53 AM

    Waterloo is pretty terrible for getting bursaries. I graduated in ’03 in Computer Science and I remember the bursaries being pretty slim.

    Just to give some perspective on tuition, when I started university in 1998 a friend of mine was just graduating. When he started in 1993, 1 term of tuition cost just over $1000. In 1998, it was over $2000. When I finished in 2003, it was just over $4000.

    Granted, if you have a daughter now in university, i’m sure even $1000 seems huge compared to what you paid.

    Reply
  • Anonymous November 18, 2006, 9:11 PM

    Hey, don’t forget you’ve got two perfectly good local schools, unless there’s a particular program at Waterloo they’re after.

    As a bonus, they’ll be sober more.

    Reply

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