Saving for Education

There was a good article in last week’s edition of the Globe, which talked about the rising costs of education.  The article mentioned that the cost of a university degree in 2027 will top $100,000.

In 18 years, when a baby born today goes to university to start an undergraduate degree, the total cost of a four-year program for a student living away from home will be $137,013.

Coincidently, last week I also spoke to 250 grade 12 students about why it’s important to start thinking about your financial future today. In that talk, I shared with them the table below, which outlines the yearly high, low, and average costs of going to an undergrad program at a university in Ontario.

As you can see, the cost of going to school today is already high, and while some parents may opt to pay for their children’s education, with rising tuition costs, children are going to have to burden some of that debt – if tey aren’t prepared to manage that debt, it could take them over 20 years to pay it back.  So if you haven’t started talking to the yonug people in your life about why they need to care about managing their money now, isn’t it about time you did?

 

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