Higher education is one of the most valuable investments you can make in your child’s future—but it often comes with a steep price tag. According to Statistics Canada, the average Canadian undergraduate student paid $7,360 in tuition and fees during the 2024–2025 school year, reflecting a 2.9% increase from the previous year. Graduates often leave school with an average of $28,000 in student debt.
The good news? With the right strategies, paying for college or university doesn’t have to drain your finances or saddle your family with excessive debt. Here are practical tips to help manage the cost of post-secondary education without breaking the bank.
1. Choose a School Close to Home
Tuition and books aren’t the only expenses to plan for—living costs like housing, transportation, and meals can quickly add up.
For example, at the University of Manitoba, an on-campus residence starts at $3,800 per school year and can climb to over $8,200, not including meal plans or other fees. By choosing a school within commuting distance, your child can live at home and save thousands on housing and meal expenses.
Alternative Options for Living Farther Away
- University Transfer Programs: Many local colleges offer transfer programs where students complete two years of coursework locally before transferring to a university. This reduces the time (and cost) spent living away from home.
- Online or Distance Learning: Post-COVID, many schools now offer online programs, allowing students to earn degrees from institutions far from home without the added expense of relocating.
2. Explore Flexible School Schedules
Working while attending school can make a big difference in managing expenses. While balancing work and studies can be challenging, many colleges and universities offer programs designed to accommodate working students:
- Night Classes and Weekend Programs: These allow students to work during the day and attend classes in the evening.
- Online Classes: Flexible schedules enable students to manage their coursework while maintaining a job.
However, it’s important to weigh the pros and cons—working while studying can lead to time constraints and potential burnout. A clear plan and time management are essential.
3. Apply for Scholarships
Scholarships aren’t just for straight-A students or star athletes. There are hundreds of scholarships available with varying criteria, including financial need, field of study, or family affiliations (e.g., union memberships).
How to Find Scholarships
- High School Guidance Counselors: If your child is still in high school, their counselor can provide information on scholarships and assist with applications.
- College Financial Aid Offices: If your child is already in college, faculty members, advisors, and financial aid offices can help identify available opportunities.
- Online Scholarship Search Tools: Websites and platforms allow students to search for scholarships tailored to their field of study, school, or interests.
Even small scholarships add up, so encourage your child to apply for as many as possible.
4. Look for Internships and Apprenticeships
Internships are a fantastic way to earn money, gain valuable work experience, and potentially reduce the cost of education. Many programs offer paid internships that provide both income and course credits.
Why Consider Internships?
- Financial Support: Paid internships can help cover living expenses while your child earns academic credits.
- Career Opportunities: Internships often lead to job offers, giving your child a head start in their career. Even if the employer isn’t hiring, the experience gained will boost their résumé and employment prospects elsewhere.
- Programs to Explore: The Public Service Commission’s Post-secondary Co-op and Internship Program is one example of initiatives that connect students with paid opportunities.
Final Thoughts: Plan Ahead and Stay Resourceful
Paying for college or university without relying heavily on loans is achievable with thoughtful planning and proactive strategies. From choosing affordable schooling options to applying for scholarships and balancing work with studies, there are numerous ways to reduce the financial burden.
If you have tips or experiences to share about covering the cost of education without going into debt, we’d love to hear them! Together, we can make higher education more accessible and affordable for everyone.
Start planning today—your child’s education is worth it.