University Costs was written just before I started figuring out the cost of having three kids in University, but it is still helpful to see my thought patterns.
As my oldest daughter gets closer to University, I am learning more and more about the relatively high cost of post-secondary education in Ontario. Last night was an open house for the Ontario Universities, and I attended with my daughter and came away with a few interesting thoughts:
- There are many universities in Ontario, 21 were at this open house, and this does not include the community colleges.
- University of Western Ontario’s “Pitch Kid” was the best of the night. He was quick on his feet, polite, funny and hit the high points for the kids and the parents. This kid should go into sales or should get a bonus for the job he is doing. Most of the other presenters were bland and could tell reading from a script.
- This is going to be EXPENSIVE, but the Universities are not trying to hide this fact they all mention the price of education along with their lowest mark requirements, so it is helpful for the parents to hear the actual numbers!
- The cheapest first year that you can expect would be in Mathematics, with a total cost of Academic costs (books, tuition) adding up to $5,700.00
- The most expensive degree program would be Optometry at $15,200 in Academic fees and books.
How much to live there if you don’t live in Kitchener/Waterloo?
- Somewhere from $5,900 to $8700 for the year, depending on if you live on or off campus and what kind of meal plan you buy.
Total costs estimated over eight months?
- Domestic students : $14,300 to $26,600
- International students: $24,800 to $45,500
Every school talked about financial help and bursaries too, but for those of you reading this who have 2-year-olds, start thinking about this NOW, NOW, NOW.
- Start an RESP today, and put something in it, anything, to get started (not one of those silly ones from the doctor’s office, go to a bank or an investment house and get a REAL RESP).
- Remember your child is going to school at age 18. Maybe do your savings calculations based on that. If your son is 3, you have 15 years or so to get somewhere near the $60K you might need to put them through school. Remember inflation. You are going to need more than that, so think about it.
Some parents say, “My parents didn’t help me get through University”, ok, that is a valid point, but how much did University cost back then? Do you want your kids graduating with a student loan load of over $70K?