Financing An Education
A post-secondary education is one of the most valuable investments you will ever make. The following options are available to help finance your education.
Tuition and Fees Estimator for Full-time Programs
Investing in your education is one of the most important things you can do. How much will a program at Algonquin cost? Customize your search criteria to see the estimated full-time tuition and compulsory ancillary fees by program. Your estimate will show tuition, compulsory ancillary fees, and eTexts, as applicable. Physical textbooks and living costs (ex. housing/residence, food, etc) are not included.
*Program tuition and fees may differ from what is displayed based on student-specific course loads and level of study. The tuition portion of fees typically increases by 3% annually. Compulsory ancillary fees are reviewed on an annual basis and any changes are approved by the College’s Board of Governors.
**Please note – the International student health plan fee is not included in this list – or in the estimated total. It can be up to an additional $696 per academic year.
Ontario Student Assistance Program (OSAP)
The Ontario Student Assistance Program (OSAP) need assessment process determines which category most closely fits a student’s living situation.
Parental income will be a consideration unless your son or daughter has been out of high school for four or more years. If a student has been out of full-time secondary school studies for 12 consecutive months on at least two different occasions he/she can apply as an independent student without parental income.
Student Loan Disbursement Requirements – If a student is receiving financial aid through the Ontario Student Assistance Program (OSAP) or any other government loan program, they are required to finalize their Master Student Financial Aid Agreement (MSFAA) with Canada Post. Your child will require their own bank account and funds are deposited directly into the student’s bank account. The student is then responsible to remit their tuition and other fees to the College unless they have arranged a fee deferral and indicated when doing their OSAP that they would like funds re-directed to the College. You can find out more on our Financial Aid web pages.
Student Loan Disbursement Amounts – Student loans are released to students twice a year. The first installment is at the start of the school year and covers approximately 60% of the total allotment. The second installment is released at the beginning of the second semester (January). Student bursaries are available throughout the year. You should encourage your son/daughter to inquire about and apply for these bursaries.
Financing Your Education Info Sheet
Financial Planning for College or University
The primary responsibility for meeting the cost of post-secondary education rests with the student and family. It’s recommended that you and your child start discussing financial planning and how to save for educational goals before applying to a post-secondary program, the earlier you start, the better!
However, whether your son or daughter plans to attend college in one year or in ten, there are still many ways to help manage the costs. Here are a few ideas.
- Consider entering your child in a Registered Education Savings Plan (RESPs) as early as possible.
RESPs will earn you compound interest – tax-free until the student withdraws funds from the plan. There are many different types of RESPs and each one has different requirements and paperwork necessary to draw from the plan. If you currently have an RESP, please consult the supplier to get details on how to access your resources. In addition to your son/daughter’s own savings and parental/family contributions, it may be necessary to access loan funding from either the government (OSAP) or a private financial institution (Bank). Other funding sources such as scholarships, bursaries and work-study opportunities should be considered.
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Make spending and budgeting a part of everyday conversation.
Talk about money, credit cards and debt, the principles of spending and borrowing and the value of saving or investing. Share these helpful budget tips with your child:
- Eat sensibly and within budget. Prioritize needs’; food comes first.
- Teach the difference between ‘wants’ and ‘needs’ and develop strategies to make the right choices to obtain both without relying on credit.
- Show your child how to create a budget, and see where the money goes. Prioritize ‘needs’ so that they come first.
- Explain how credit really works. Discourage your child from borrowing from friends.
- Set a good example. Talk about how you’re saving for that special purchase, or how you put off buying something because you knew you couldn’t afford it.
- Encourage your child to work part-time or in the summer, and to start saving as soon as possible for their education.
From scholarships, bursaries and work-study opportunities, to loans from the Ontario Students Assistance Program (OSAP) or a bank, there are all kinds of resources available to help you and your child budget for their education.