How expensive is school, really?

The true cost of a semester is measured not only in dollars, but also in the choices students make to afford it.

Tuition is the number students usually focus on. But it is not the only number draining their bank account.

There is rent, groceries, transit, textbooks, phone bills and the occasional coffee that somehow becomes a weekly expense that we cannot get rid of. Then your laptop breaks, like it knows you cannot afford it to and suddenly your carefully planned budget breaks down.

So, how much money do students really need for one semester and will the new changes to OSAP be able to help?

The OSAP Recap

The Ontario Student Assistance Program (OSAP) helps eligible students pay for post-secondary education through grants and loans. Keep in mind that grants generally do not need to be repaid. Loans do.

Starting in fall 2026, OSAP funding will become much more loan-heavy. Previously, eligible students could receive up to 85 per cent of their funding as grants and 15 per cent as loans. Under the new model, grants will be limited to a maximum of 25 per cent, while at least 75 per cent will be provided as repayable loans. At the same time, Ontario is ending its seven-year domestic tuition freeze, allowing colleges and universities to increase tuition by up to two per cent annually for the next three years.

Together, these changes mean students may pay more for school, receive less non-repayable support and graduate with more debt.

OSAP Aid Estimator: How much can you expect?

The 2026–2027 OSAP Aid Estimator allows students to enter details about their upcoming course to get an estimate of how much support they can expect.

How much you receive depends on factors such as your income, family situation, program, course load and living arrangements. It is not a guaranteed amount, but it can show you what support may be available and what may still be missing.

I tried the calculator

To see what this looks like in practice, I entered information for a Bachelor of Commerce program at Humber College as an example.

Here is what the calculator estimated:

At first, $19,100 sounds like a lot. But look at the complete calculation: there is $4,015 still needed.

That is about $1,004 per month or $251 per week over a four-month semester.

The student would have to cover this gap through work, savings, bursaries, scholarships, family support or another source.

Funding today can become debt tomorrow

There is another important number in this estimate: $13,600.

That is the loan portion, the amount the student would eventually have to repay. Only $5,500 is a grant. To show the difference between the old and new rules, here is a simple illustration using the same $19,100 total:

This does not mean this student would have received those exact amounts under the previous system. Individual assessments vary, and the old system offered up to 85 per cent in grants.

But it shows the concern clearly that two students may receive the same amount upfront, but one graduates with much more debt.

What about the costs OSAP does not cover?

The calculator cannot predict everything.

What if your rent increases? What if you need medication, regional transit or special equipment for class? What if your work hours are reduced?

There is also the reality of timing. Rent and tuition are due on specific dates. Even if your total funding looks close to your total expenses, that does not mean the money will be available when every bill arrives.

If the student needs another $251 each week, at Ontario’s $17.60 minimum wage, as of 2026, that means working more than 14 hours every week before deductions, on top of classes, assignments, commuting and everything else.

You’re not alone

As you gear up for the fall semester, explore IGNITE’s bursaries and equity scholarships and apply early if you are eligible. Know that additional support may be available.

You can also be part of IGNITE’s advocacy work on issues such as OSAP, tuition affordability and paid work-integrated learning. Speaking up, sharing your experience and participating in campaigns, even if it doesn’t affect you directly, help IGNITE bring real student concerns to institutional and government decision-makers.

And on the days when you need a little extra comfort, stop by IGNITE’s Soupbar to grab some free soup. You can also check out MyIGNITE for free and unique events and ways to meet people and enjoy student life without putting more pressure on your budget.

See the full financial picture

A budget may not make every expense disappear, but it can help you see what is coming.

Calculate the full cost of your semester, check what support is available, and reach out before a small financial gap becomes an emergency.

Feature image courtesy of Tim Gouw on Unsplash

Where else is your tuition going? Check out what you are actually paying for as a student!