What Does University Cost and How Can You Pay for It?

You’ve heard you should start saving up for university but you’re unsure of all the costs that come with an undergraduate degree — don’t worry, here’s a breakdown of what university costs and some tips for how you can pay for it.

So, you’re looking ahead to university, but there’s a couple questions weighing on your mind as an international student: “how much does university actually cost in Canada?” and “how will I pay for university?” Don’t worry! Here’s a breakdown of typical costs of an undergraduate degree and tips on how you can pay for university.

What does university cost?

There are many factors that can impact how much your time at university costs. Check out these common costs you’ll come across:

1. Application fees

Costs can vary, but if you’re applying to Ontario universities, the Ontario Universities’ Application Centre (OUAC) currently charges international students $156 for their first three program choices and $50 for each additional program, plus a $10 service fee.

2. Tuition and program costs

Tuition is one of the main expenses of attending university and varies across universities. At Waterloo, international tuition ranges from $52,000 to $73,000 per year. (Note: these numbers are estimates and may change annually).

If the university you choose offers co-op or other forms of experiential learning, there are often costs for participating in those. Your chosen program may also have its own fee, so take that into account, too.

3. Living expenses

If you’re moving away from home, living expenses make up a huge chunk of your university costs.

Whether you choose to live in residence or off campus, you’ll likely be paying hundreds of dollars per month for rent.

However, in addition to rent, there are also other costs.

• If you choose to live in residence, you may need to purchase a meal plan which may cost up to a thousand dollars per month.
• If you choose to live off-campus, you should consider additional costs that cover electricity, water, and gas (utilities), as well as internet, if these are paid separately from your base rent. Costs can vary widely depending on the area or city you choose to live in.

Don’t forget about personal expenses — laundry, groceries, clothing, phone bills, personal care — depending on your lifestyle, this may be another few thousand dollars each year.

4. School materials

Depending on the program or course, the cost of textbooks and other course materials could be significant. For example, for a fine arts course, the studio fee for materials may be a few hundred dollars.

How can you pay for all this?

Facing the total cost of university can be overwhelming, but there are steps you can take to fund your degree both before and during university.

1. Create a budget — and save

Setting an ongoing budget is incredibly helpful to ensure your expenses are kept under control. And don’t underestimate the power of saving — it makes a bigger impact than you might think!

2. Co-op

Co-op is paid work experience you get while working toward your degree. At Waterloo, which is home to North America’s largest co-op program, you can earn between $9,600 to $22,500 CAN per work term (for a total of up to $135,000 CAN over the course of your degree).

3. Financial aid and scholarships

Take advantage of entrance scholarships and other financial aid opportunities such as grants and bursaries upon coming to university.

Many universities provide scholarship opportunities to students based on academic performance, program, financial need, cultural background, accomplishments, and more. At Waterloo, we offer a variety of scholarships for international students that range from $1,200 to $80,000.

Some scholarships will require applications, while others will automatically consider you!

4. Work a part-time job

Working a part-time job to help cover some of the costs of university can make a big difference. Waterloo has tons of part-time job opportunities where students can make some extra money, gain valuable skills and experience, and get connected to the community — all on campus!

These are just some tips to get you thinking about how you can fund your university degree and be better prepared for all the costs. Want a closer look at what you can expect?