Planning for Post-Secondary Costs
Whether you choose college, university, apprenticeship training or another post-secondary pathway, it is important to understand the costs involved and explore the financial supports that may be available to you.
Planning ahead can help you make informed decisions and feel more confident about your next steps.
Understanding the Costs
The cost of post-secondary education varies depending on your program, institution and living arrangements.
As you explore your options, consider:
Education Costs
- tuition fees
- books and supplies
- technology and software requirements
- program-specific equipment or materials
Living Expenses
- residence or housing
- meal plans and groceries
- transportation
- personal expenses
- health and wellness costs
Many colleges and universities provide cost calculators and financial planning tools to help students estimate expenses.
Tuition Fee Information
Learn more about college tuition fees and financial aid.
Learn more about university tuition fees.
Financial Supports and Funding Options
Many students use a combination of savings, financial aid and employment to help pay for their education.
Ontario Student Assistance Program (OSAP)
OSAP provides financial assistance to eligible students attending post-secondary education. The amount of assistance available depends on a variety of factors, including family income, program costs and course load.
Scholarships, Awards and Bursaries
Scholarships are financial awards that recognize achievement. They may be based on academic and non-academic achievements. They are offered by colleges and universities, community organizations, employers, foundations and charitable organizations.
Bursaries are financial awards based primarily on financial need. Unlike loans, bursaries do not need to be repaid. Many colleges and universities offer bursaries to support students during their studies.
Applying to scholarships and bursaries, keep track of:
- Eligibility requirements.
- Application deadlines.
- Supporting documents.
- Reference requests.
- Personal statements or essays.
Many scholarship deadlines occur before students graduate from high school.
Speak with your Guidance Counsellor about resources and scholarships that may be available through your school.
Scholarship and Bursary Resources
- Financial Assistance in College - information on scholarships, bursaries, grants and loans in college
- University Scholarships - information on scholarships offered by universities
- Scholarship and bursary listing from Government of Canada
- Student loans, grants, scholarships and bursaries - information from the Government of Ontario
- Student Awards
- Scholarships Canada
- Black Foundation of Community Networks Scholarship Information
Registered Education Savings Plans (RESPs)
An RESP is a savings plan that helps families save for post-secondary education. The Government of Canada may contribute additional funds through education savings incentives available to eligible students and families.
Student Lines of Credit and Loans
Some students and families choose to access student lines of credit or student loans from financial institutions. These options typically require repayment and may include interest costs. Contact your financial institution for information about available options.
Part-Time Jobs
Many students choose to work before they start or while attending post-secondary school to save, either part-time during the school year or during the summer months.
Working can help students:
- Earn income.
- Gain work experience.
- Build transferable skills.
- Develop professional networks.
When considering employment during school, think about how work commitments may affect your studies and overall well-being.
Create a Financial Plan
A simple budget can help you understand the costs of attending post-secondary school and identify potential funding sources.
Consider:
- Expenses, such as tuition, books and supplies, housing and meals, transportation and personal expenses.
- Funding sources, such as savings, scholarships, bursaries, OSAP and part-time employment.