How much does it cost to go to university?
Every school has its own list of fees that cover things like your tuition, meal plans and residence costs (if you choose to live on campus). How much you pay also depends on other decisions — the biggest ones being where you live and the number of courses you take.
Full-time students will pay more than part-time students, with some schools charging per-course tuition fees while others charge a flat fee based on whether you’re there full-time or part-time.
Tip: Look into whether you can save money by going to a school that’s closer to home. For example, if you live in Nova Scotia and attend a university in the province, the government will provide you with a bursary of $128.30 per course to help you pay for school.
Should I live on or off campus?
No matter where you go to school, living in residence is a unique experience that a lot of students want to try for at least their first year. You’ll get to meet new people, you’ll have more independence and you’ll stay fully involved with everything that’s happening on campus.
You’ll also be physically closer to school — you’re right on campus! — and some universities even have tunnels that connect the buildings so you don’t have to go outside to get food or go to class.
You might choose instead to live off campus, such as in nearby apartments with friends or in a room you rent. You’ll miss out on some campus fun if you’re not around school all the time, but you might feel like it’s important to get away from school when you’re done classes for the day.
Splitting living costs with others can help you save money and being away from the campus can give you more opportunity to explore the surrounding town or city. If you don’t live within walking distance of your school, however, you’ll have to make sure you have a way to get there, whether it’s a car, a bike or public transit.
How much more does it cost to live on campus?
How much you pay depends on the school you choose, because each one will have a different fee structure. If the school requires you to pay for a meal plan in order to live on campus, you could pay $8,000 or more per year on top of your class tuition fees.
What is a meal plan? Do I need one if I live on campus?
Meal plans are a way for students who live on campus to make sure they always have access to food. For most meal plans, you pay a fee at the start of the school year for a set number of meals you can cash in at cafeterias and restaurants on campus. If you live on campus, you’ll usually have to choose one of the meal plans offered by your school. The biggest benefit of meal plans is they make it easier to budget your money.
If you choose to live off campus, you are still eligible to have a meal plan. These types of plans may differ from those offered to residence students but will allow off campus students to pre-pay for meals if they plan to spend a significant time on campus throughout their week.
How will I be able to afford to go to university?
If you won’t be paying for everything upfront, there are a few ways to get help covering the cost of university. While a few options available to you will be covered, it is a good idea to visit your university’s Financial Aid section to see how they can assist you.
A student loan is money you can apply to receive from the government. In Nova Scotia, a provincial student loan can cover your school fees and you won’t have to pay back the money until you graduate and earn enough income to pay it back (the amount you must earn is set by the government).
When you apply for a student loan, the government will look at things like your family income, your ability to contribute financially and how much your education will cost. Applications are usually not too complicated, but how long you’ll have to wait for an answer can vary. Applying is free and having a student loan can be start building your credit history.
You apply for student loans in your province of residence — it doesn’t matter where you’re going to school. You can find specific information on your provincial government’s website or more general information on the federal government’s Student Financial Assistance website.
Student line of credit
If you can’t secure a student loan, you can ask your bank about a student line of credit. It’s important to know that lines of credit are different than loans when it comes to how much money you get, what the interest rate is and how soon you’ll have to start paying it back.
Scholarships and bursaries
There are also scholarships and bursaries, a different type of financial help given out by schools and other organizations. You usually have to apply for them, but they can also be awarded based on your academic performance or financial need. These are different from loans and lines of credit because you do not have to pay back the money you receive. Scholarships are given to students who achieve high grades — an average of 80% or higher.
To qualify for some scholarships, you might have to fill out an application, sit down for an interview and/or submit a reference letter. Bursaries are different than scholarships because they are focused on your financial need. Some schools also have a special type of bursary, called a scholar-bursary, that also considers your grades. It’s a good idea to go to the Scholarship page on the university website to see which scholarships are available to you.
How the payment process works
Money from scholarships and bursaries awarded by schools is usually applied directly to your school fees. Money from student loans is treated more like cash — after the university takes the payment for your fees, any leftover money is deposited in your bank account. It’s your job to make sure it lasts until the next term.