What is the cost of that help? A 2024 Canadian University Survey Consortium survey of graduating students found that 45% of students finished school with debt: “The average debt among all students is just under $13,000 but more than doubles to almost $29,000 when only those reporting debt are considered.” In addition, it noted, “Students required over $19,000 to finance their current year of education, most commonly relying on parents, family or spouse, current employment, and government loans.”
These numbers can be unsettling to hear as a student, or as a parent. This student financial aid guide can help you understand your options, how the programs work, and how to apply and qualify for them. Remember, you have nothing to lose from applying!
How much does college or university school really cost in Canada?
As you probably already know, going to college or university is a big investment, and tuition fees can vary widely by academic program. On average, though, Canadian undergraduates paid $7,360 in tuition fees for the 2024–2025 school year, and graduate students paid $7,662, according to data from Statistics Canada. International students paid significantly more: $40,114 for undergraduate studies and $23,233 for graduate studies. (See average tuition fees for each province and territory, and 2024–2025 tuition fees by university.)
Beyond tuition fees, there are many other expenses during your time in college or university, including:
Rent: Varies widely by location, but the national average monthly cost of a purpose-built, two-bedroom rental apartment in May 2025 is $1,447, according to the Canada Mortgage and Housing Corporation (CMHC). For a two-bedroom unit in the condo market, the average monthly rent is higher, at $2,199. If you shared with a roommate, your cost would be about $723 or $1,100, respectively.
Groceries: About $350 to $400 per month
Food on campus: Varies by school and meal plan; at York University in Toronto, for example, meal plans for students living in residence in the 2025–2026 school year range from $3,800 to $6,950
Books/course materials: $500 to $1,000
Travelling home: Varies
Public transit: $80 to $150 for a monthly transit pass
Extracurricular activities: A few hundred dollars per month
Students who live at home while going to school can save a good chunk of money. Here are more tips on saving money for university and college students in Canada.
What financial aid is available for students in Canada?
The federal and provincial/territorial governments offer financial aid to both part-time and full-time university and college students in Canada.
The Government of Canada’s Canada Student Loans Program (CSLP) provides financial assistance to students on the basis of financial need. The amount of funding given to help pay for expenses such as tuition, school supplies and living expenses is determined by numerous factors such as family income, tuition, program length and whether you’re enrolled full- or part-time, and school-related expenses, as noted above. For a better idea of how much student aid you may be eligible for, check out the Student Financial Assistance Estimator.
A student loan from the CSLP is publicly funded money, which you don’t have to start paying back until six months after you graduate or leave your studies, and interest won’t accumulate. After the grace period is over, you are responsible for repaying the total amount you borrowed, plus interest. In 2023, the federal government permanently eliminated the accumulation of interest on Canada Student Loans, both new and existing. Any interest accrued prior to that date must still be paid, however.
