There are many ways to pay for your education. You have options available: Scholarships, grants, bursaries, RESPs, part-time work and internships, credit and loans. We also give you online calculators to help you budget and manage your finances.

Costs

Average tuition costs per year for college tend to be in the $2,000 range. Don’t forget to add any fees, such as services, equipment and parking.

Add to this living costs (even if you live at home, you may help with rent or groceries, or pay transportation costs). If you move away to school, you will either have residence costs, or need to pay for rent, utilities and groceries.

To determine rental costs, the neighbourhood and type of housing you choose to live in will determine your living expenses. For example, if you live in a house with three other people, your monthly rent would be far less than it would be if you live in a bachelor apartment on your own (which can be in the ballpark of $1,000 a month in a larger city). Rent for one room in a shared house or apartment can cost around $400-$500 a month, depending on what part of the country you live in and whether you're in a smaller or larger city. You also need to factor in how much phone, cable, Internet and utilities cost. You can expect to pay at least $40 a month (depending on how many other people you live with) for those services in a shared house.

Start a budget. There are many online budget calculators that list your expected expenses and your sources of money. Most banks will offer these services online. That way you can tell whether you're in the ballpark for being able to afford to go to college in the year you want to go.

How to pay for it:

Most people cobble together the money from a variety of sources, so here are some to consider:

Family

Talk to your family: your parents or relatives might have been squirrelling away money for your education, either in an RESP (registered education savings plan) or other investments or savings. Even if they haven't, someone may be able to lend you money interest-free (unlike other loans, which you have to pay back with money on top of what you owe). Click here for more information on RESPs.

Jobs and your savings

If you have been working or are planning to get a job, your savings can work harder for you. Instead of parking your money in a low-interest, or low-paying, bank account, consider investing it. Your bank's, or an independent, financial adviser can help you pick investments that can include stocks, mutual funds, guaranteed investment certificates or higher-paying online savings accounts, depending on how much risk you can handle and when you'll need the money.

If you want to get a full-time summer job, make sure you consider those beyond the local mall.

You can usually earn more money by looking for summer-long contracts in manual labour, such as tree-planting or house-painting. Consider signing up at temp agencies.

You may be able to tutor younger students in subjects you're good at.

Start a company. The Association of Collegiate Entrepreneurs, the Canadian Youth Business Foundation and the Youth Entrepreneurship Info-Guide can help you get started.

The federal government has some websites with summer and youth job listings: www.pch.gc.ca and www.tbs-sct.gc.ca Check out www.canadiancareers.com for internships.

Job-search tips

www.canlearn.ca has tips to help students searching for employment. Part-time jobs during the school year can be great, but keep in mind that many college programs expect you to keep up your grades in high school, so don't get a job that will take away too much from study time. Aim for no more than 10-12 hours a week.

And, depending on how much you need to earn to get you to school, don't blow it all on gadgets and music, clothes and partying ... many experts recommend you save about 80 per cent of what you earn so that you don't need a loan, or need as small a loan as possible to get you through. Just picture the difference between graduating debt-free (or with as little debt as possible) and starting your first job and still living in poverty because you're paying off student loans.

A word of warning: Clean up your Internet presence now, and keep it clean. Pictures of you drunk or skimpily dressed or inappropriate blog comments can mean being turned down for a job. More and more companies are doing background Internet searches on prospective employees.

No matter what college you’re applying to, every one has financial options to assist you. Contact the school’s financial aid office or visit their website to see what kind of services they offer, such as scholarships and bursaries.

Scholarships and bursaries range in where it’s from and how much is given. Some are offered specifically from the institution, while others are rewarded from the public. When you contact the financial aid services, also research what scholarships are available to you from the school and which are available publicly from provinces, companies, foundations, alumni, etc.

Government loans

Depending on how much you and your family can contribute to your education, you can get loans for your education from federal and/or provincial or territorial governments. These loans usually have better conditions than other loans (like bank loans) — for instance, for full-time students, the government pays the interest on your loan until you're finished your studies, and you have a grace period, usually of six months, before you have to start paying back the loan.

How much you get will depend on a complicated calculation that comes down to how much the government determines that you and your family can afford to pay for your education; what the costs of your studies will be; and what your living costs will be.

You can usually apply online and you can also get application forms from your high school or a university.

The deadlines for applying vary, so make sure you check the fine print.

Visit CanLearn.ca for more information.

Keep in touch with your loan provider on a yearly basis and whenever anything changes (if you drop or fail courses, quit school or finish school) because this can affect your loan status (e.g. you may have to pay some of it back). So keep your loan documents and contact numbers in a safe place that you can easily access.

Also keep everything to do with your loans and expenses in a safe place because you may be audited and have to prove your situation is what you say it is. So, keep all information like:

- Copies of income tax returns

- T4 slips

- Bank statements

- Rent receipts

- Letters from your employers confirming your earnings

- Receipts for tuition and books

- Your student loan application and contract

If, once it's time for you to start repaying your loan, you can't, there are some options, but relief may be hard to get so consider your loan a serious commitment because if you don't repay it on time, it can have serious legal or financial consequences, like the inability to get a car loan or a mortgage later on.

Other loans

If you can't get a government student loan, most banks or financial institutions offer loans for students with better interest rates than other types of bank loans and which sometimes offer a grace period before you have to start paying off the amount you borrowed (though you usually have to start paying interest as soon as you get the loan, even while studying).

The amount you can borrow ranges from bank to bank but it can be about $5,000 a year to a maximum of about $20,000. Many will give you about 10 years to pay it off.

Shop around to see which bank or financial institution can offer you the best package in terms of interest rates or repayment. Here are tips for negotiating a loan.

You may need to have a parent or guardian co-sign the loan.

You should also borrow only what you need. Students tend to overestimate how much they need, especially when it comes to living expenses, and end up with out-of-control debt. Factor in hard costs, such as tuition and rent, and find other ways to pay for your Friday night movies or trips to the bar.

Lines of credit

Banks and financial institutions can also offer a line of credit, which is a kind of loan where you get a maximum amount you can use, but you only use as much or as little as you need — the less you take, the less you'll have to pay back, and the less you collect interest on.

You can usually access your line of credit by using your debit card through banking machines, telephone or Internet banking or by writing a cheque.

Again, shop around for the best deal, and you may need a parent or guardian to co-sign.

Credit cards

These are dangerous pieces of plastic that can be tempting to whip out whenever you see something you'd like to have and you know you won't have to pay for right away. But if you don't have the money to pay for it now, you won't necessarily have it in two weeks or a month when your bill comes in. And if you can't pay then, the interest starts piling up until you have to pay the original amount plus a hefty chunk of interest. So, while they can be great for emergencies, use these carefully or not at all. On the plus side, getting one now helps you start building up your credit rating for future car loans and the like, as long as you've got the discipline to pay your bill on time.

Even if you already have a credit card, shop around for the one that will be the best for you. For instance, some low-interest credit cards expect you to have a minimum income, while some charge an annual fee.

The Financial Consumer Agency of Canada gives you information about credit cards (and other financial services), including a comparison of the credit cards offered by major banks and financial institutions.

Sell something

If you have something valuable, like a car, you can consider selling it, as long as you won't need it (similarly, it's probably not a good idea to sell your computer). But you may have a valuable comic book collection sitting in the back of the closet.

Retirement Savings and Lifelong Learning Program

If you have a registered retirement savings plan (RRSP), you can take out up to $10,000 a year for your education and you have 10 years to pay it back. If you have retirement savings outside an RRSP (like Canada Savings Bonds or mutual funds or stocks), check with a financial adviser about whether it makes sense for you to cash in those savings.