What is the cost of that help? A 2024 Canadian University Survey Consortium survey of graduating students found that 45% of students finished school with debt: “The average debt among all students is just under $13,000 but more than doubles to almost $29,000 when only those reporting debt are considered.” In addition, it noted, “Students required over $19,000 to finance their current year of education, most commonly relying on parents, family or spouse, current employment, and government loans.”
These numbers can be unsettling to hear as a student, or as a parent. This student financial aid guide can help you understand your options, how the programs work, and how to apply and qualify for them. Remember, you have nothing to lose from applying!
How much does college or university school really cost in Canada?
As you probably already know, going to college or university is a big investment, and tuition fees can vary widely by academic program. On average, though, Canadian undergraduates paid $7,360 in tuition fees for the 2024–2025 school year, and graduate students paid $7,662, according to data from Statistics Canada. International students paid significantly more: $40,114 for undergraduate studies and $23,233 for graduate studies. (See average tuition fees for each province and territory, and 2024–2025 tuition fees by university.)
Beyond tuition fees, there are many other expenses during your time in college or university, including:
- Rent: Varies widely by location, but the national average monthly cost of a purpose-built, two-bedroom rental apartment in May 2025 is $1,447, according to the Canada Mortgage and Housing Corporation (CMHC). For a two-bedroom unit in the condo market, the average monthly rent is higher, at $2,199. If you shared with a roommate, your cost would be about $723 or $1,100, respectively.
- Groceries: About $350 to $400 per month
- Food on campus: Varies by school and meal plan; at York University in Toronto, for example, meal plans for students living in residence in the 2025–2026 school year range from $3,800 to $6,950
- Books/course materials: $500 to $1,000
- Travelling home: Varies
- Public transit: $80 to $150 for a monthly transit pass
- Extracurricular activities: A few hundred dollars per month
Students who live at home while going to school can save a good chunk of money. Here are more tips on saving money for university and college students in Canada.
What financial aid is available for students in Canada?
The federal and provincial/territorial governments offer financial aid to both part-time and full-time university and college students in Canada.
The Government of Canada’s Canada Student Loans Program (CSLP) provides financial assistance to students on the basis of financial need. The amount of funding given to help pay for expenses such as tuition, school supplies and living expenses is determined by numerous factors such as family income, tuition, program length and whether you’re enrolled full- or part-time, and school-related expenses, as noted above. For a better idea of how much student aid you may be eligible for, check out the Student Financial Assistance Estimator.
A student loan from the CSLP is publicly funded money, which you don’t have to start paying back until six months after you graduate or leave your studies, and interest won’t accumulate. After the grace period is over, you are responsible for repaying the total amount you borrowed, plus interest. In 2023, the federal government permanently eliminated the accumulation of interest on Canada Student Loans, both new and existing. Any interest accrued prior to that date must still be paid, however.
Your province or territory may grant you a student loan, depending on where you’re going to school and where you live (generally, you must live in the province/territory for 12 months before you can apply). However, with student loans from your province/territory, interest may accrue immediately upon finishing your final term. To get a better idea of how interest rates will affect your monthly payments, check out this repayment estimator tool.
In addition to student loans, college or university students whose family income is below the income threshold may also receive Canada Student Grants: for the 2024–2025 school year, $4,200 per year, or up to $525 per month of study. This grant is available for each year of your undergraduate studies, if you study full-time.
What are Canada Student Grants?
The Canada Student Grants Program provides financial assistance to full-time students based on financial need, but unlike student loans, grants don’t have to be paid back!
The value of a grant depends on your family’s size and income. According to the government: “Until the end of the 2024 to 2025 school year, you could receive up to $4,200 per year or up to $525 per month of study. You can get this grant for each year of your undergraduate studies as long as you are still in school full-time. The school year runs from August 1 to July 31.”
If you are a student with a permanent disability, you are Indigenous or you were in extended society care, you may be eligible for additional government student aid. (See Ontario’s student aid for underrepresented learners, for example.)
If your family’s income is above the income thresholds for Canada Student Grant eligibility (based on the previous year’s gross annual family income), you may not qualify for a grant. However, if you are eligible for a grant as well as a loan, you have the option to decline the loan and receive only the grant.
How do I apply for government student aid?
You can apply for the CSLP through the province or territory where you live. When you apply, you are automatically also considered for the Canada Student Grant, meaning you don’t have to prepare a separate application. The application guidelines and procedures for student financial assistance vary for each province and territory.
Here are the links for every student financial aid program in every province and territory, in alphabetical order.