Step 6: Financing an Education

Use the Cost of Living Calculator

Will your youth need to move to attend post-secondary or to get a job? Compare the cost of living in over 150 communities across B.C. and discover labour market information for these places with the Cost of Living Calculator.

Make post-secondary education more affordable

StudentAid BC helps British Columbian students with the cost of post-secondary education through student grants, loans and other financial aid programs.

• Grants = money that students will not have to pay back
• Loans = money that students will have to repay but are interest and payment-free while students are in school full-time. As of 2019, there is no interest on B.C. Government issued student loans
• Other financial aid programs = specific supports for students with permanent disabilities, former youth in care, low- and middle-income students, as well as repayment assistance programs

StudentAid BC funding is calculated by comparing a student’s educational costs and their financial resources. The amount of funding a student may be eligible for depends on their financial need.

Students are encouraged to contact the financial aid office at their post-secondary institution to learn about other types of non-repayable financial assistance, such as scholarships and bursaries.

For more information about the eligibility requirements and how to apply for student financial assistance, visit StudentAid BC.

Make a budget

Talking about money can be challenging. However, by creating and sticking to a budget, your youth can meet their goals.

Your youth can plan their finances by detailing income (such as earnings), help from family and expected expenses. The budget is a tool to help your youth determine if financial assistance is needed.

Have your youth start by reducing their expenses:

• Reduce extras like daily coffee and eating out. These things can add up and throw off a budget
• Cut phone and transportation costs by switching to the minimum package
• Buy used books instead of new
• Use debit instead of credit. Pay off the credit card balance each month or use a low-interest credit card
• Switch to a student-banking package with no monthly fees and unlimited transactions
• Use student discounts and coupons for products and services, on and off campus

Check for more information and resources for helpful budgeting tips.