Future Education Costs

Projected Costs of a Four-Year Program

The average national one-year cost of university in 2019/2020 was $21,110 for students in residence and $11,210 for those living at home. Here is what the total cost of a four-year program (national average) could be in the future*:

The first year of tuition for students enrolling in a Canadian university in 2037 could cost them as much as $30,931 – that’s more than $127,000 for a four-year program. And as you can see below, tuition is only going to increase.
 

Year of Birth Year of School Entrance 4-Year Tuition with Residence 4-Year Tuition without Residence
2021 2039 $122,651 $64,371
2020 2038 $120,425 $63,295
2019 2037 $118,248 $62,238
2018 2036 $116,091 $61,181
2017 2035 $113,974 $60,144
2016 2034 $111,897 $59,117
2015 2033 $109,851 $58,101
2014 2032 $107,844 $57,104
2013 2031 $105,847 $56,097
2012 2030 $103,880 $55,110
2011 2029 $101,943 $54,133
2010 2028 $100,027 $53,157
2009 2027 $98,140 $52,190
2008 2026 $96,283 $51,233
2007 2025 $94,466 $50,296
2006 2024 $92,669 $49,359
2005 2023 $90,893 $48,433
2004 2022 $89,146 $47,516
*Average annual increase based on previous 10-year data cited in Tuition Living and Accommodation Costs, 2019-2020. Statistics Canada, Sept. 2019. “Without Residence” costs are calculated for students who live at home while pursing their studies, not having to pay for either food or shelter costs.

Having my parent’s endless support, including financial backing, allowed my brother and I to be the first members of our family to attend Canadian universities and pursue all the opportunities that have come with that experience.

Harkanwal
B. Sc., McMaster University
Knowledge First Financial student beneficiary

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