A post-secondary education comes with a hefty price tag. Most Canadian parents agree that it’s best to start early when saving for their children’s education, and a great way to do so is with a Registered Education Savings Plan (RESP). While you may already be on the right track by already having opened an RESP for your child with Knowledge First Financial, it’s best to have an idea of just how much their post-secondary education is going to cost. Knowing what to expect means you will best equipped to make smart decisions when it comes to contributing to your child’s RESP while also ensuring you do not come up short when it comes time to withdraw RESP funds.
How Much Does Tuition Cost?
According to Statistics Canada, the average Canadian full-time student in an undergraduate program will pay $6,373 in tuition fees for the 2016/2017 academic year. This is 2.8% higher than the average of $6,201 in 2015/2016. Expect to pay about the same, but be mindful that this is only an average and fees can be higher should your child enroll in a more expensive STEM program.
Tuition fees vary depending on the institution and province. Many schools offer co-operative programs which run longer and cost more than regular programs. Other schools may raise tuition fees do to complete a program such as lab time.
Cost of Textbooks
Beyond tuition, there are a number of other expenses that come with studying at postsecondary. One of these expenses is the cost of textbooks and other study materials. The average undergraduate student can expect to pay anywhere from a few hundred dollars to $1000 or more per year to pay for textbooks and course materials. This depends on which courses are being taken. Luckily there are ways to reduce spending on books and materials, such as buying used books or downloading e-books.
The largest expenses outside of tuition is living expenses. First-year university students often live on campus, which can add thousands of dollars to the cost of obtaining a degree. Living off campus in a rented apartment is a popular choice for students, however, you need to consider the cost of rent, internet, utilities, and groceries. Your child living at home is an obvious way to save on these expenses but many students will want to attend school away from home, so be prepared.
If you are looking to provide a better future for your child by investing in an RESP, take the first step by calling Knowledge First Financial today at (647) 788-2923.