Financial aid is rarely an afterthought, yet student debt often becomes a larger concern than many college and university students in Canada expect. Rising tuition and the overall cost of attending post-secondary institutions add pressure to students, many of whom are managing living costs on their own for the first time.
How expensive is that support? A 2024 Canadian University Survey Consortium report found that 45% of graduates left 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.” The survey also found students needed over $19,000 to fund their current year of education, most commonly relying on parents, family or spouse, current employment, and government loans.
Those figures can be unsettling for students and parents alike. This student financial aid guide explains common funding options, how programs work, and what you need to apply and qualify. There’s no downside to applying — you may be eligible for support you hadn’t expected.
How much does college or university really cost in Canada?
Post-secondary education is a significant investment and tuition varies widely by program. According to Statistics Canada, for the 2024–2025 school year the average undergraduate tuition for Canadian students was $7,360 and graduate tuition averaged $7,662. International students paid considerably more: $40,114 for undergraduate programs and $23,233 for graduate programs. (See provincial and institutional breakdowns in the linked resources.)
Tuition is only part of the equation. Typical additional expenses include:
- Rent: Costs vary by city. The Canada Mortgage and Housing Corporation reports a national average monthly rent of $1,447 for a purpose-built two-bedroom unit (May 2025). In the condo market, the average two-bedroom rent is higher at $2,199. Sharing with a roommate can reduce your portion to about $723 or $1,100, respectively.
- Groceries: Typically $350–$400 per month.
- Campus meal plans: Vary by institution — for example, York University’s residence meal plans (2025–2026) range from $3,800 to $6,950 per year.
- Books and course materials: $500–$1,000 per year.
- Travel home: Varies depending on distance and frequency.
- Public transit: Monthly passes usually run $80–$150.
- Extracurricular activities: Often a few hundred dollars per month.
Living at home while studying can reduce many of these costs. For practical tips, see the linked resource on money-saving strategies for Canadian post-secondary students.
What financial aid is available for students in Canada?
Both the federal government and provincial/territorial governments offer financial aid for full- and part-time students.
The federal Canada Student Loans Program (CSLP) provides need-based assistance to help cover tuition, supplies and living expenses. Eligibility and award amounts depend on family income, tuition, program length, enrollment status (full- or part-time) and other school-related costs. Use the Student Financial Assistance Estimator to get an estimate of your potential support.
Canada Student Loans are publicly funded and have a six-month repayment grace period after you graduate or leave your studies; interest does not accrue during that grace period. In 2023, the federal government ended the accumulation of interest on Canada Student Loans for both new and existing loans. Any interest that accrued before that change remains payable.
Provincial or territorial student loans may also be available, typically requiring residency in that province or territory for 12 months before applying. Note that interest treatment and repayment terms can differ by jurisdiction; in some provinces interest may start accruing immediately after your final term. A repayment estimator tool can help you understand monthly payment implications.
In addition to loans, eligible students from lower-income families can receive Canada Student Grants. For the 2024–2025 school year, full-time undergraduates could receive up to $4,200 per year (or up to $525 per month of study) for each year they are enrolled full-time.
What are Canada Student Grants?
The Canada Student Grants Program offers non-repayable funding to full-time students with financial need. Grant amounts depend on family size and income. Through the 2024–2025 school year, eligible students could receive up to $4,200 per year or $525 per month of study for each year they remain enrolled full-time. The school year for grant eligibility runs from August 1 to July 31.
Additional grants are available for students with permanent disabilities, Indigenous students, and those who’ve experienced extended care by child welfare systems. Provincial programs may also offer supports for underrepresented learners; check your jurisdiction’s student aid resources for details.
If your family income exceeds the eligibility thresholds, you may not qualify for a grant. If you qualify for both a grant and a loan, you can decline the loan and accept only the grant if you prefer.
How do I apply for government student aid?
Apply for the Canada Student Loans Program through the student aid office in the province or territory where you live; this single application will also consider you for Canada Student Grants. Application rules, deadlines and documentation requirements vary between jurisdictions.
Below are links to each provincial and territorial student aid program:
- Alberta Student Aid
- British Columbia Student Aid
- Manitoba Student Aid
- New Brunswick Student Financial Services
- Newfoundland and Labrador Student Aid
- Northwest Territories Student Financial Assistance
- Nova Scotia Student Assistance
- Nunavut Student Funding
- Ontario Student Assistance Program (OSAP)
- Prince Edward Island Student Financial Services
- Quebec Student Financial Aid
- Saskatchewan Student Aid
- Yukon Financial Support for Students
Many scholarships, bursaries and awards require separate applications and are not automatically considered when you apply for government student aid. Contact your school’s financial aid office or guidance counsellor for additional opportunities and application guidance.
Prepare the following documents before you start your application:
- Your Social Insurance Number (SIN) and, if required, SINs for parents or spouse.
- Tax information for you and, if applicable, your parents or spouse.
- Bank account details for direct deposit.
- School information, including program of study and start/end dates.
- An estimate of your school-related expenses: tuition, supplies, rent, food, transportation, and so on.
- Information about other financial resources such as Registered Education Savings Plans (RESPs), scholarships, savings accounts and other support.
Rankings
Compare the best TFSA rates in Canada
What are scholarships and bursaries?
Scholarships and bursaries are forms of non-repayable aid that can meaningfully reduce education costs. Scholarships are typically merit-based and awarded for academic achievement, athletics, leadership or community involvement. Bursaries focus primarily on financial need; merit can also be considered, but applicants usually must demonstrate an inability to pay tuition or other expenses without assistance.
Applying for multiple awards increases your chances of receiving meaningful help. For a starting list of federal scholarships and bursaries, see the government’s curated resource.
How do I apply for scholarships and bursaries?
Scholarships and bursaries come from many sources: institutions, local businesses, charities, corporations and governments. Visit your college or university financial aid office to learn about awards that match your situation and how to apply. Online aggregators and scholarship databases can also help you locate opportunities that fit your profile.
Spend time applying — you have nothing to lose, and awards can reduce both financial strain and stress while you pursue your education.
What if I don’t qualify for government student aid?
If you’re not eligible for government aid or you’ve exhausted those options, consider private funding such as a student line of credit or a personal loan from a bank or credit union. A student line of credit provides a pre-set borrowing limit; you pay interest only on the amount you draw. Interest rates can be lower than some student loans, but interest begins as soon as you withdraw funds. Personal loans provide a lump sum repaid with interest and any fees over a set term.
Plan early: complete applications well before the semester begins so funding arrives on time, discuss contributions with family, review your budget and look for part-time work if needed. The most important step is to apply — exploring your options can yield meaningful support.
Newsletter
Get free MoneySense financial tips, news & advice in your inbox.
More about student finances:
- How much money does the government contribute to an RESP?
- What to do when you have insufficient or unused RESP funds
- How to manage money as a student
- It’s probably time you switched banks—4 easy steps for Canadians
- Applying for your first credit card? Here’s what you should know before getting one