With classes now underway in the new school year, a poll from BMO Bank of Montreal reveals that two-thirds of students have been working and that the top source of funding to cover tuition and expenses for post-secondary education is the money students have earned and saved themselves.
The total cost for a post-secondary education – according to research from the Federal government, including tuition, school supplies, housing and other expenses – amounts to an average of $14,500 a year.
The BMO 2012 Student Poll, conducted by Pollara, showed the multiple sources of funding to help cover the costs:
- Two-thirds (67 per cent) of post-secondary students have been working; paying for school is the number one reason to have a job
- For nearly two-thirds of students (62 per cent), the money they’ve saved is the top source of funding for school
- Just over half (52 per cent) receive funding from parents or family, and 49 per cent rely on student loans
- Nearly half (45 per cent) of post-secondary students receive funding from scholarships and bursaries
- One-quarter (23 per cent) are working full-time, while 43 per cent are working part-time
- Students with jobs are working to pay for school (75 per cent), have spending money (65 per cent), get work experience for future employment (61 per cent) or pay down debt (22 per cent).
“Attending university or college is a hefty investment, so it’s essential that students and parents are on the same page for funding a post-secondary education,” said Su McVey, Vice President, BMO Bank of Montreal. “Parents and students need to work together to establish a comprehensive budget ahead of the school year to manage ongoing expenses.”
Ms. McVey added that students should make use of online resources available to them, such as the BMO student budget calculator – a free tool available on BMO.com that allows students to create a budget for the school year. In addition, BMO Online Banking’s BMO Money Logic financial management tool can help students stay on top of their budget with customized spending and savings goals.
BMO also announced that UNB students have a chance to win $5,000 or one of 5 tablet computers, in the BMO 2012 Back-to-School contest. Students who visit the on-campus BMO branch at 29 Dineen Drive before September 30, 2012 and get one of the following BMO Student Banking products will get an automatic entry into the contest:
- Discounted student bank account
- No-fee student credit card
- Student line of credit
Students can also enter the contest by applying for a BMO student-banking product. The contest is open to students enrolled full-time at University of New Brunswick during the contest period of September 1- 30, 2012. Terms and conditions apply.