FINANCIAL PLANNING
Sound financial planning is important to ensuring success at university. With the exception of tuition costs, which are paid directly to OCAD, exact costs will vary according to your circumstances, choice of courses and lifestyle. Financial need is determined by comparing estimated costs to estimated resources.
Staff in the Financial Aid & Awards office can advise students with respect to their financial situation, provide referrals to the appropriate financial assistance programs, and assist them with securing the resources required to meet their post-secondary education costs.
The Financial Aid & Awards office and the National Student Loans Service Centre will host several information sessions throughout the year on various student financial assistance related topics. Information on upcoming workshops will be emailed to all students and will be published on our website.
Estimated Expenses
The following chart is an approximate guide to the expenses a student should expect to incur during the academic year. The figures are based on eight months. Individual expenses will vary depending on lifestyle; supply costs will vary with the choice of courses. These costs do not take into account an allowance for computers or other specialized equipment that may be required to complete course work.
| Estimated Costs | Low | Average | High |
Tuition & Fees |
Tuition & Fees |
| |
Art Supplies |
$1200/year |
$1800/year |
$2400/year |
Rent or Room & Board |
$400/month Usually shared apartment or room & board with family |
$600/month Small apartment or shared with one other |
$750+/month Single apartment |
Utilities (Hydro, Phone, Cable, Internet) |
$100/month Some costs may be included with rent or do not apply |
$50/month hydro $75/month phone $25/month cable $50/month internet |
>$200/month Varies according to lifestyle |
Food, Personal Toiletries, Laundry, Sundries |
$300/month |
$400/month |
>$400/month Varies according to lifestyle |
Travel |
$0/month Walk or bike |
$100/month TTC Metropass |
~$250/month TTC Metropass and GO Transit |
Entertainment |
$100/month |
$150/month |
>$150/month |
Medical & Dental Costs |
$0/month All costs covered under the Student Insurance Plans |
$300/year A few extra costs not covered |
>$300/year Varies according to individual circumstances |
Other |
These costs will vary according to your individual circumstances: Clothing, pet care, credit card payments, car expenses, exceptional expenses | ||
Resources could include some or all of the following:
- Personal savings and investments
- Family
- Income from summer employment
- Part-time employment income throughout the school year
- Student loans
- RESP or Canada Scholarship Trust Plan
- Scholarships, bursaries and other awards
Determining Financial Need
Financial need is determined by comparing the total resources available to the total costs. If the total resources are greater than or equal to the total costs, then there is enough money for school! If the total resources are less than the total costs, then the budget must be reviewed to see if costs can be trimmed or resources increased. Budgeting tips are provided to help students find a way to develop a sustainable budget for the year.
Last Modified:1/24/2012 12:57:11 PM
