Parents, we're glad you're here
We understand that preparing for university can be an exciting and stressful time for students and parents alike. Early financial planning is an essential part of creating a foundation for student success and we hope that this Parents page will help get the conversation started for your family.
Helping your student with finances
Helping your student embark on a university education is exciting, but how can you prepare them for the financial costs?
- Be involved, but let your student take ownership of the planning for their education. Students need to be aware of (and plan for) costs and deadlines that they will encounter throughout the academic year.
- Have an honest discussion with your student about what financial contribution your family can make toward post-secondary study and additional funding sources that might be available.
- Explore all funding options, including RESPs, student loans, scholarships, bursaries, part-time student work, and lines-of-credit.
- Get a realistic picture of the costs of university and discuss these with your student. Access the Student Financial Tools – Budget Calculator and Money Matters section to estimate program and housing costs. Don’t forget about other costs including sports/gym, socializing, phone bills, travel, laptop, and household/dorm room items.
- Help your student create a spending plan for the school year to estimate costs and resources and keep track of important deadlines. Start the process early to help plan ahead for any financial shortfall apparent in estimates for the school year.
- Encourage your student to plan ahead for unexpected costs and emergencies.
- If they’re going to be on their own for the first time, help them consider what they’ll need for dishes, furniture, cleaning supplies and other items to get started.