This Is How Much A University Degree Costs In Canada & It Could Soon Be More Than $100,000
Will your degree get you a high-paying job though?
McGill University campus. Right: University of Toronto sign.
There's a new study that revealed how much getting a university degree costs in Canada now and fees are more than $80,000 in many parts of the country.
As if that's not expensive enough, a four-year post-secondary education could soon cost over $100,000!
Embark, a Canadian Registered Education Savings Plan company, recently released a forecast of how much an average four-year university degree will cost in Canada for students in each province.
It's expected that the average cost of a four-year post-secondary program at universities in Canada will rise to just over $75,000 in 2024, which includes residence costs.
Then, that national average cost is forecast to increase by 39% over the next 18 years and reach $104,898 by 2041!
When it comes to the forecasted fees of a four-year degree and residence for students starting post-secondary school next year, the cost of university in Canada is set to be the highest in Nova Scotia and Ontario.
Students starting post-secondary school next year in those provinces will have to pay an average of $88,490 and $86,106, respectively.
That's just over $10,000 more expensive than the national average university cost which is $75,387, according to Embark.
Getting a university degree will cost $83,162 in New Brunswick, $80,761 in Saskatchewan, $78,034 in Alberta, $76,802 in P.E.I. and $69,719 in Quebec for students starting school next year.
Then, on the other end of the cost spectrum, four years of university will be less expensive for students in B.C. ($68,495), Manitoba ($67,934) and Newfoundland ($54,366).
Some provinces are set to reach the $100,000 mark for university costs — including tuition and residence fees — way before the national average gets there in 2041.
People in Nova Scotia, Ontario, New Brunswick and Saskatchewan are estimated to pay over $100,000 for school within the next 11 years.
So, parents with young kids and soon-to-be parents in Canada could have to start planning and saving for a six-figure education for their kids soon, according to Embark.
Not every province is expected to have university costs of over $100,000 by 2041 though.
According to Embark, getting a four-year degree is forecast to cost $96,919 in Quebec, $93,668 in B.C., $95,705 in Manitoba, and $73,975 in Newfoundland in 18 years.
If these rising university costs for students starting school next year have you wondering about high-paying jobs right now, Indeed recently revealed what degrees could get you the highest-paying entry-level jobs in Canada.
Finance degrees can earn you the biggest average starting salary in an entry-level job — $72,139 a year — in 2023.
An undergraduate degree in math and science can get you an average starting salary of $70,718 per year and a degree in technology can earn you an average starting salary of $61,621 a year.
Then, engineering degrees can get you an average starting salary of $59,340 per year in entry-level jobs.
This article's cover image was used for illustrative purposes only.