What are you doing after high school?

How am I going to pay for it?

Obvious question – how much does it all cost? Depends on where you study and whether you live at home or in another city.

See also:

Here are some average figures for yearly tuition and school fees, but keep in mind tuition can be much higher depending on the program:

  • College -- $1,500-$3,000
  • University -- $3,500 - $7,000
  • Private Career Colleges tuition ranges can go up to $10,000
  • Apprenticeships are free but you will likely have to pay for class (can be $2,000), books, fees or tools

Here are some ideas to help you pay for school:

Get a job

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Your first thought should be what can you contribute? It’s never too early…or late to start saving money for your education. Summers and weekends are for more than just hanging out with your friends!

A great way to start is checking out your local youth employment centre where they can help you find a job, improve your resume and link you to stuff like banking, saving and making a plan.

Also, check out our Work section to find out who's hiring and other resources.

Free money -- awards, bursaries and scholarships

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Loans can be lifesavers, but remember you have to pay them back. Awards, bursaries, grants and scholarships are almost like gifts to help you pay for your school – you don’t have to pay it back! Spend some time researching what’s available – everything from big, national scholarships for getting great marks, bursaries for studying a certain subject, grants for writing essays or doing a project and local awards in your community.

There is a lot of money out there but it’s up to you to find it. So, check out the links here and talk to your guidance counsellor.

Government Student Loans

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The Ontario Student Assistance Program, or OSAP, is basically a loan from the Ontario or federal governments (or both) to help you pay for tuition and living

How much OSAP you qualify for depends on lots of things like how much money your parents make, the size of your family and what kind of education you want. Here’s some helpful links but don’t be afraid to talk to your high school guidance counsellor for more answers.

Registered Education Savings Plan (RESP)

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An RESP is a locked-in savings account that is used to fund your college or university education.

If you’re in grade 8 or 9, ask your parents if they’ve set up an RESP account for you. If they haven’t, check out the info below and ask them to set one up! Your parents need to set this up but you can contribute.

Even if you only save $50 a month from a part-time job or your allowance, it adds up. The federal government also contributes to your savings.

The basics:

  • The Government of Canada provides funding in a RESP. If you’re 17 and under, you will get the Canada Education Savings Grant based on how much you save.
  • The federal government also offers the Canada Learning Bond for lower income families to help fund education. Look through the links below to see if you qualify.

Check out these websites for more information

Student Line of Credit

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A line of credit is like a loan from a bank, created specially for students. It is another option that you can look into funding your education.

The Basics:

  • Your bank will set a fixed limit on the maximum amount of money that you can use while you’re studying.
  • You may need a parent or another adult to co-sign with you, just in case you are unable to repay the loan.
  • The rates of interest on the line of credit are different from a regular loan. Do your research and speak to a financial advisor at your bank before making any decisions.

For more information, check out these links:

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