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Your
Money
Matters
September
2008 Issue
The cost of post-secondary
education
A
student attending CEGEP, trade school, college or university can
expect to pay between $2500 and $8000 per year or more in tuition
alone – and books, supplies, student fees, transportation, housing
and other expenses will add to the total.
Today’s
students need to be smart about money, more than they ever needed to
be before. Understanding the costs involved will help you make
intelligent financial decisions while you’re in school. Here’s a
rundown of some of the costs you can expect:
-
Tuition: depending on the program you choose, these fees will vary
-
Student fees: these include services, clubs, events, etc
-
Living Expenses: rent, food, electrical, gas, telephone, internet,
etc
-
Books: shop around, consider second-hand books, or borrowing books
from someone you know who has taken the course recently.
-
Personal & Miscellaneous: this is the “spoiler” category. Unless
you keep track of all your spending, this is where the money will
go, and put your budget in jeopardy. Ensure this category is
accounted for and assign specific dollar values to it.
Click on this link to open the Student Cash Flow Budget Sheet” (in
MS Excel).
Also,
don’t forget about tax credits: tuition and education credits,
textbook credits, student loan interest, moving expenses, RRSP
deductions, rent costs, etc. To qualify for the credits, the student
has to file an income tax return, which is a good thing – the
government might owe you money.
For
parents, whose children are not at the post-secondary education door
yet, call us to find out how you can get your children on their way
to higher education without breaking the bank.
Theresa Wever and the Money
Concepts Team.
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