Budgeting help for students
If you qualified for student loans and grants, it’s important to plan how you will manage your finances throughout the school year.
A clear budget can help ensure you have enough funding to cover your expenses while minimizing the amount you need to borrow.
You can use online student budgeting tools or review the guidance below to help plan how your funding will support you throughout your studies.
Getting through the first few weeks
Student loan and grant funding is typically issued 5 to 10 days after classes begin. Delays may occur if there are outstanding requirements or processing issues. The start of the school year can be costly, with expenses such as books, equipment and fees. You should plan to use savings from your pre-study period to cover these early costs.
Money coming in
You may receive your funding in multiple deposits:
- first deposit – issued 5 to 10 days after classes begin, after tuition and fees are paid directly to your school
- additional funding – you may receive further deposits if your Canada Student Grant amounts increase after submitting your Pre-Study Report (PSR)
- second-term deposit (if applicable) – issued 5 to 10 days after the midpoint of your study period (for example, mid-to-late January for September start dates)
You should also consider other sources of income, such as:
- study-period earnings from part-time employment
- financial support from parents or family
- scholarships, bursaries or other funding sources
Money going out
Plan your budget by estimating your annual expenses, including:
- groceries
- rent and utilities
- transportation
- childcare
- personal care (including medications)
- internet and cellphone bills
- laundry
- interest payments on other debts (student loans are interest-free while studying full-time)
- miscellaneous expenses (including personal spending, gifts and entertainment)
Making a budget
There are many tools available to help you manage your budget. You may opt to create your own from an Excel template, however, many Canadian financial institutions offer student-focused budgeting tools that can help you track your income and expenses.
You may wish to explore tools offered by major banks or your local credit union, with many being linked directly to your bank account.
Additional resources
You can also explore the following topics to better understand your borrowing and repayment options: