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02-25-2009   #13 (permalink)
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MrCakes is on a distinguished road

Originally Posted by bahboh
to be considered "insanely loaded" to not have to get loans?
Graduating from undergraduate, about 4 years, requires $25,000 to $45,000 in tuition alone. Textbooks+Lab Manuals for each subject can go up to $150-$300 so cost for textbooks alone for one semester can easily cap at $800.

That's also assuming that you're living with your parents, if not it gets even more costly. You'll either have to pay for an apartment or residence inside the school. Standard rent for a 1 bedroom in Alberta right now is $1,100, residence is about $4,000-$,5000 per semester. Living expenses cannot get under $500 per month since you have to eat properly and go out occasionally.

If you're aiming to graduate with a Masters degree, that's an additional 3 years. With higher tuition this time.

And a Doctorate degree? About twice as much tuition as undergraduate, and depending on your area of study it can be about 3-5 years.

And of course it totally depends on the school, the costs I have outlined are for the average University. If you're going to a university that is very well known for a certain department it can cost a LOT of money. For example I have a buddy in Waterloo right now studying first year Mechanical Engineering, a department Waterloo is very well known for. He has to pay around $80,000 per semester. I also have a friend in McGill's Sciences department who plans on going back to UofA to study Medicine because it would cost him about $150,000 per semester in Medical school at McGill, while it's only $90,000 in UofA.

So let's say we're assuming you would want to get a Master's degree, which is the standard requirement for any type of decent white collar job. And you're attending an fairly well-known university away from home. You need about $225,000 minimum. By today's standards a $90-$100k/year paying job is considered to be high, and to save up $225,000 on that salary would take a minimum of 15 years, assuming you have a house to pay off, a car to maintain, taxes to pay (25-30% with a salary like that), and a family to support.

That was a hueg post, well anyways yeah. If your parents (or you, for some inexplicable reason) can dish out $225,000 over a course of 7 years, you're set.

Last edited by MrCakes; 02-25-2009 at 08:40 PM.