The average cost of an undergraduate degree in Canada has increased 44% in the last 10 years while the cost of professional programs like law, dentistry, MBA's and pharmacy has risen 85-144% in the same time period. Despite the increased cost, university enrollment is up for an incredible 18th year in a row.
RBC's The Cost of Credentials - the shifting burden of post-secondary education in Canada is a report that came out this summer and is an interesting read for anyone facing a tuition bill this fall or in the future. The financial landscape surrounding higher education has changed significantly in recent decades with the cost of education being put increasingly on the students and their families.
Gone are the days where a summer of minimum wage work would pay tuition for a year. Shouldering the cost of education today requires longer-term planning and preparation but as Derek Bok, former president of Harvard University, famously said "If you think education is expensive, try ignorance."
I can be reached here if you would like to talk about maximizing your RESP, planning for the future and fitting the cost of education into your financial picture.