Tuition, housing, textbooks: what does post-secondary education really cost?

But you still need to know how much to set aside, even before you know your offspring’s future choices. Read on for some food for thought about education savings.

Article summary:

• A bachelor’s degree can cost more than $100,000
• What factors affect the cost of education?
  • The advantage of studying close to home
  • Costs depend on the pathway chosen
• Why plan your studies now?
• How do I know how much to save?
  • What should be included in a student budget? 
• The tangible benefits of education savings
  • Other available sources of financing
  • Reduce education-related expenses
• Frequently asked questions (FAQ)

Let’s get right to the point. In 2024, the Quebec government estimated that one out of every two¹ students would be able to obtain a diploma of college studies (DCS) and a bachelor’s degree (BAC) during their school career. In 2025, the cost of this typical pathway—which includes two years of college and three years of university—is estimated at $105,000² if your child leaves home for their studies. In ten years, this same pathway could cost nearly $132,000.²

The cost of obtaining a diploma is influenced by a number of factors, some of them—such as where the student is from and the career they pursue—having greater impact than others. The latter will determine the choice of program, level of education, duration of studies and location of training. Added to this is lifestyle, which will also have an impact on the total budget.

The advantage of studying close to home

Being able to live with your parents while studying has a huge impact on the total cost. A young person living under the parental roof can earn a bachelor’s degree for just under $37,000,³ based on current school fees and cost of living. The difference between staying at home and going away to study is estimated at around $68,000 over five years. The difference is striking!

In addition, children living in urban areas seem to have an advantage⁴ with access to a greater number of institutions and programs. As this proximity is often combined with higher family income and parental education, it would make the path to university that much easier.

Costs depend on the pathway chosen

Obviously, a few months’ training at a vocational centre and several years at university are not equivalent investments. When a trade requires a bachelor’s degree, we’re talking about at least five years of post-secondary education, and sometimes more when a master’s or doctorate is added to the program.

Several technical programs are offered at the CEGEP. In contrast to pre-university programs, they generally enable direct entry into the job market after three years of study.

Vocational training courses, which last between 6 and 18 months, also provide rapid access to the job market. They lead to a Diploma of Vocational Studies (DVS).

• Today, the majority of these programs are accepted as part of the Education Assistance Payments (EAP) offered with the Registered Education Savings Plan (RESP). Visit the list of eligible institutions to find out more.

Unfortunately, the fear of going into debt can hinder access to certain programs or influence your young person’s career choice. Indeed, the dream of a degree can become a source of anxiety for some families, rather than a springboard to the future.

Saving as early as possible is the best way to avoid losing your shirt—and your child’s ambition—along the way. In addition, education savings are simple to use and come with several tax advantages: generous government grants (from 20% to 60% of dollars invested)⁷ and tax-sheltered growth. By combining education savings with the Quebec Education Savings Incentive (QESI) and the Canada Learning Bond (CLB), Quebec families can receive up to $12,8008 per beneficiary.

It is difficult—if not impossible—to predict the choices your little one will make 10, 15 or 20 years from now. Nevertheless, there are a few signs that can give you clues about their interest or potential to pursue post-secondary education as they grow older. Certain factors are also important to consider when planning your budget:

• The simple fact that your child is growing up in an environment where education is valued, for example, if you yourself have had an education, increases the chances that they will take you as a role model and choose the same path.
• If you live in a remote area, your child may have to leave home for their education.
• While one student in two (48.6%)¹ is likely to go on to a bachelor’s degree, the Ministère de l’Éducation and the Ministère de l’Enseignement supérieur estimate that two out of three students (65.3%)1 are likely to go on to CEGEP in Quebec, whether in a pre-university or technical program.

Even if you don’t yet know what the future holds, opening an RESP sooner rather than later will help you maximize your grants without extra effort and generate returns over the long term. You can always adjust your savings strategy later as your son or daughter develops an interest in a particular area.

In all cases, education savings reduce financial stress today and ensure that money doesn’t get in the way of your child’s ambitions down the road.

• Having an RESP doubles a young person’s chances of enrolling in a post-secondary program.¹⁰ They are even 10% more likely to graduate.¹⁰

It is important to bear in mind that trajectories change. A teenager who is unmotivated at 16 may well thrive in a university or college program at 25. Since the lifespan of an RESP is 35 years, your youngster will have plenty of time to explore their options before enrolling in the program of their choice. Even if they are not pursuing a post-secondary education, there are other avenues open to you.

Other available sources of financing

In Quebec, there are a number of ways to obtain financial assistance and meet the cost of post-secondary education:

• Student loans, often offered by governments or financial institutions, help cover immediate expenses. Repayment generally begins six months after completion of studies, at an attractive interest rate. This can still result in long-term debt.
• Scholarships (and grants), on the other hand, represent valuable assistance that does not have to be repaid.
• Certain programs offer paid internships—in other words, you can get paid to study!
• Part-time student employment is another potential source of income for young people.
• Family support can help cover some of the costs.

It’s good to know that RESP education assistance payments are not included in the calculation of government grants and student loans, even though this income is largely generated by government grants.

Reduce education-related expenses

Let’s not forget that lifestyle will play an important role in the overall cost of education. It is possible to study without breaking the bank, as long as you plan carefully and stick to your budget. Here are a few concrete ways to lighten the bill:

• Teach your teenagers how to manage a budget and how to cook, starting in high school (so they don’t have to eat out or eat instant noodles over and over again!)
• Choose a school close to home whenever possible.
• Consider distance learning, which is becoming increasingly accessible.
• Live with a roommate or in a residence, as needed.
• Opt for public transport or carpooling.
• Choose second-hand or digital resources and manuals.

University, technical programs, vocational training, trade schools: any path can lead to a successful career and life. Moreover, even if the costs can be frightening, higher education remains the most reliable path to financial success.¹¹ Education shouldn’t be seen as a debt or an expense, but as an investment in your child’s future.