Two students reading separate textbooks in the library

Saving for college: How to make your educational goals a reality

The cost of university tuition in Canada for a full-time Canadian student in an arts and humanities program at the undergraduate level can be anywhere from $2,328 to $22,260 depending upon the university.1

Along with the high cost of tuition, there are other expenses such as books, materials, housing, transportation, and living expenses to be factored into the cost as well.

In short, post-secondary education isn’t cheap.

For many students, college or university wouldn’t be possible without the help of a scholarship like the Foresters Financial™ Competitive Scholarship.

We are proud to contribute to the success that education can bring to individuals, families and communities. That’s why each year we offer 250 tuition scholarships up to $8,000 to eligible students pursuing post-secondary education at an accredited university, community college or trade program.

Foresters is one of many organizations that offers scholarships to students heading off to college. Scholarships Online is the largest online directory of scholarships, education grants and financial aid opportunities that helps students access some of the more than $50 billion dollars in college funding that is given away by corporations, organizations and government agencies.

This free resource is an incredible way to find scholarship opportunities that might be right for the student in your life.

Of course winning a scholarship isn’t guaranteed, so students and parents need to plan ahead in order to ensure that there’s money in the bank when it comes time to hit the books.

To get a rough idea of how much you should be saving for college on a regular basis, plug your information into the CalcXML college savings calculator.

Socking away money you’ve earned from summer jobs into a savings account isn’t necessarily a bad idea, but there are more efficient ways to make that money work for you.

Parents and guardians, start saving for your child’s college tuition as early as you can, and take advantage of savings vehicles that are available to you.

Parents can save for their child’s future tuition needs with the help of a Registered Education Savings Plan (RESP). The savings in an RESP grows tax-free. There is no tax on the investment earnings as long as they stay in the plan, and if you are saving money for a child 17 years or younger, the federal government will also put money into the RESP as a grant or bond. Some provincial governments will also contribute.2

For more information on RESPs visit the Government of Canada and the Ontario Securities Commission.

Remember, as a Foresters member we’re here to support you when you need it most. That’s why you have access to Everyday Money, our toll-free financial helpline that connects you to an accredited counselor who can help answer your questions about your personal financial matters such as debt management and budgeting. If you have any questions about your financial security, including the cost of post-secondary education, we’re here to help.

415622 CAN (09/17)

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