Annual Costs

Welcome to the University of Victoria. As your excitement about attending university starts to build, some serious questions need to be answered about how you’re going to pay for this adventure. Student Awards & Financial Aid can help you with that. In addition to offering scholarship, bursary and work study programs, we provide information about other funding sources, expected costs, and strategies for balancing your budget.

How much is it going to cost?

The answer depends on you: how many classes you take, if you drive a car or take the bus, if you share accommodation or rent your own place. To answer the question, consider your particular circumstances, and these average single student costs for 8 months of study:

Shelter & Utilities	$4,658
Food	$1, 632
Local transportation	$510
Health & personal care	$816
Miscellaneous	$816
Tuition & fees	$5,370
Books	$1,700
Total	$15,502

(Please note: These average costs are for a Canadian student living away from home pursuing a Bachelor of Arts program based on the Moderate Standard of Living Guidelines set by the Ministry of Advanced Education. Tuition costs will vary from program to program. International and Graduate students will also have different tuition costs. Please refer to Accounting Services for exact tuition costs and Housing, Food and Conference Services for residence costs.)

How am I going to pay for this year?

You

Your savings, your part-time earnings, your summer job.

Your Family

Talk to anyone who may be helping finance your education: parents, other relatives, and significant others.

Student Loans

a) Government. The federal government’s Canada Student Loan program is administered by and in conjunction with provincial governments. Students complete only one application to be considered for both federal and provincial loans and grants for full time study. BC residents will apply to Student Aid BC (SABC), administered by the Ministry of Advanced Education.

• BC students can apply on-line for SABC: click here
  
  

b) Banks. Many chartered banks now offer students loans or lines of credit. Unlike the government loans, which are interest-free while you are a full-time student, the banks do charge interest while the student is in school.

Scholarships and Bursaries

UVic offers a generous scholarship and bursary program. For 2008/09, UVic recognized excellence by awarding undergraduate scholarships totaling more than $5.4 million. Undergraduate students in financial need were eligible to apply for bursaries with a total value of more than $3 million. Bursary, scholarship and fellowship information can be found on the following UVic web sites:

• Undergraduate Scholarships
• Undergraduate and Graduate Bursaries
• Graduate Scholarships, Bursaries & Fellowships
• Local organizations, service clubs, private charities, and employers may also offer bursaries and scholarships not administered by UVic.

This chart presents the percentage that government student loans will contribute to an average student’s costs for 8 months of study:

Canada Student Loan	$7,140
BC Student Loan	$3,740
Savings & Earnings	$4,622
Total	$15,502

Work Study

The UVic Work Study program exists to help students make up the difference between their expenses and resources. It also provides valuable career experience. Last year, 529 students earning $10.00 an hour filled over 363 part-time campus jobs. To be eligible, students must submit a Work Study application to our office for assessment of financial need. Applications are available in the Work Study section of this web site. The Work Study Program runs from September until April.

Budgeting

Budgeting doesn't have to be an arduous task and can certainly prevent financial anxiety as the term progresses. Remember, make sure your budget is flexible because your financial situation will constantly change. Emergencies happen and it's always important to save some money for a rainy day! Try this sample budgeting form as a simple way for you to organize and manage your finances to ensure that your money lasts for your entire academic year.

Here are some other financial tools to try out:

• The Debt Free Graduate - The Student's On-Line Source for Financial Advice - Tools, resources, on-line budget calculators and even campus kitchen recipes.
• CanLearn - Canada's one-stop resource for the information and interactive planning tools you need to explore learning and education opportunities, research occupations, develop learning strategies and create the financial plans to achieve your goals.

• BC Transit Commuting Cost Calculator - Figure out how much it costs you to drive to school. Think how much you can save with your UPass!
• Canadian Youth Connection - Jobs, Education, Money, Health and Wellness all at your fingertips!
• Canadian Bankers Association - there's something about money! Find out more.