Photo Courtesy EverythingGP

By David Opinko

Rising Post-Secondary costs

Cost of four-year degree in Alberta rises to over $78K: report

Nov 10, 2023 | 12:36 PM

LETHBRIDGE, AB – A new report shows that the cost to obtain a Bachelor’s degree in Alberta is slightly above the national average.

Embark has released a report showing how much money is spent on average to obtain a four-year university degree in each province, as well as a forecast of what it could cost in 2041.

CEO and President Andrew Lo said post-secondary education is one of the most substantial investments Canadians can make for their futures, but it can also lead to a high degree of financial burden.

“Given that the cost of education has historically outpaced inflation, it is vital for parents and students to not underestimate the associated expenses, and proactively plan for savings at the earliest opportunity to avoid sticker shock when the time comes,” said Lo.

Across Canada, the report found that the cost of a four-year education, including residence, is $75,387, or $18,846.75 per year.

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Eighteen years from now, that price tag is expected to rise by 39 per cent to $104,898.

Alberta was in the middle of the pack, ranked fifth place out of 10 provinces, averaging $78,034. This works out to an average of $19,508 per year, about four per cent higher than the current national average.

By 2041, students in Alberta are forecast to pay $104,493, increasing by 34 per cent.

The most expensive province in which to go to school for 2023 was Nova Scotia at $88,490, while students in Newfoundland can expect to pay the least at $54,366.

The cost of a four-year university degree, by province. (Photo: Embark)

Embark has provided some tips for how Canadians can save for their education through a Registered Education Savings Plan (RESP):

• Start saving as early as possible.
• Save what you can. Even small contributions now will add up significantly over time.
• Take advantage of government grants. Some RESP providers will apply for these on your behalf.
• Speak to a guidance counsellor to explore potential career paths.

READ MORE: Lethbridge News Now.