Here are some other costs you’ll need to think about when planning to attend university.
Books, Computers and Supplies
You’ll need to factor into your budget the cost of books, electronic equipment and other educational supplies. The amount you’ll pay for these depends on several factors, and will probably vary year-to-year – for example, you’ll spend more if you need to purchase a computer in a given year. When it comes to course textbooks, you might want to consider alternatives like e-books, textbook rentals or used books to help reduce costs.
You might want to budget at least $1,000 per year on books, and additional amounts for a computer or other equipment, depending on your preferences and program needs.
Residence, Food and Transportation
Depending on whether you’re living on campus, renting housing off campus, or commuting from your family home, your costs for residence, food and transportation will vary.
For example, if you’re living on campus, your residence and meal-plan or other food costs will make up a large proportion of your University expenses. These might range from approximately $8,000 to $15,000 per academic year, depending on where you decide to live, as well as whether you purchase a meal plan or prepare your own food.
If you’re planning to live in rental housing off campus, your rent and food costs could total anywhere from $15,000 and up.
For those commuting to the University, transportation costs will be a factor. Look into the cost of public transit, or budget for gas, car insurance and parking if you’ll be driving.
Meal Plan Costs:
Public Transportation Costs:
Other Living Expenses
You should factor in any other expenses you’ll need for living, commuting and studying. These might include paying for things like your telephone and Internet, clothes and personal care items, recreation and entertainment.
It’s a good idea to make a budget and track your spending, in order to stay in control of your finances. The U of T Financial Planning Calculator can help you with this. Many colleges and divisions have University preparation programs and transitional programming to help you learn these skills.