Balanced budget key to university student financing

SASKATOON – Post-secondary education isn’t cheap. In March the University of Saskatchewan board of governors increased the tuition average by 4.5 per cent for the 2013-2014 academic year.

A recent Bank of Montreal study suggests budgets and discount programs are key to a students’ success in the classroom.

“It’s not always easy as a student to finish school here in four years time, so I have to plan ahead I have to save,” said U of S Student Henry Umesi.

Juggling work and school can be tough but it can make the transition into the real world that much less of a pain in the wallet.

“The federal government estimated about a year or two ago that it would cost about $15,000 on average for a typical eight month university year that includes tuition and rent and everything in that,” said Russell Isinger, U of S registrar and student services director

“Rents in Saskatoon are on the high side these days but not what they used to be.”

According to a national BMO survey, 77 per cent of post secondary students have set up budgets before heading to school and a growing number are using rewards and points programs to help offset costs during the school year.

“Certainly students I think are practical about their expenses, they know university education is expensive,” said Isinger.

“I think that if they are working, they certainly have to factor that into their budget they certainly have to watch what they are spending their money on and it’s an eight month to 12 month budgetary period for them.”

Financial aids are available and the University of Saskatchewan sees one third of its students on some form of scholarship and about one third on government loan.

The university hands out about $30 million in under graduate awards every year, while graduates receive tens of millions.

It also offers financial literacy workshops and is looking to expand its programming.