Student calculator: How much will you need to pay for a year of university or college?

Attention students and parents. Are you trying to budget for a year of post-secondary education? Not sure how much tuition, books, transportation, rent and food will cost? Cobbling together money from an RESP, your parents, summer jobs, savings, bursaries or student loans?

Our student calculator will help you understand how much money you will need for one year of college or university at a Canadian post-secondary school. It will help give you plan out your financial needs as a student and avoid unnecessary debt and stress, setting you up for future success.

Rob Carrick's

How Much Will One Year of University or College Cost?

Find out how much a year of an undergraduate university or college degree might cost

Step 1. Start with tuition

Tell us the current year's tuition* cost for the university or college program you have chosen

As a default we use the 2019/2020 average calculated by Statistics Canada ($6,463); Some provinces have significantly lower tuition costs. *Tuition costs typically include fees for student services and activities

Step 2. Add other annual costs

Books and supplies

As a default we use a rough estimate based on what universities and colleges advise on their websites ($1,000)

Transportation

A bus pass may be included in tuition fees

Computer and monthly internet

Cell phone with monthly data plan

Entertainment, including music and movie streaming costs

Other (clothing, for example)

Step 3. Add housing costs for students not living at home

Residence with a meal plan

As a default we use an estimate based on various universities across Canada ($10,500)

Off campus housing

You can use an estimate of $9,000 that includes rent, utilities and internet

Food

Total One-Year Cost

Step 4. Where will the money come from?

Registered educations savings plans from parents and other family members

Additional parental money

Student savings to date

Future student savings from a job, gifts etc.

Student loans and grants

Bursaries and scholarships

Total

Additional savings needed, if any

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