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MBF3C FOUNDATIONS FOR COLLEGE MATHEMATICS

Profile Section 2: Determining Post-Secondary Finances


Part 1: Determining Finances for Secondary School
Now that you have decided on a career to pursue, you will now need to look into your costs of
schooling in order to pursue that career.
Research various post-secondary education options that you may want to attend and offer a
program that leads you to your career. Highlight at least 3 post-secondary options that you
explored and the program that they offer, tuition fees for each and years to complete each:
Post-Secondary Name
Program Name
Tuition per Year Years to
Complete

a) What is the average tuition cost per year for your program in order to pursue your career?
Write the amount in the TPR box.
b) What is the average number of years of schooling you need in order to complete your
program? Write the amount in the YRS box.
c) What is the total amount of money that you would need to complete your post-secondary
education? Write this amount in the Post-Secondary Cost box.
a) Tuition Per Year
(TPR)

b) Number of Years
(YRS)

c) Post-Secondary Cost
(TPR X YRS)

MBF3C FOUNDATIONS FOR COLLEGE MATHEMATICS

Part 2: Determining Income from Part-Time Job


Now we must determine the amount of money you must save and years you must work in order
to afford your post-secondary education. Complete the following analysis by answering the
questions in the right column under Answers.
DISCLAIMER: For security purposes, you are allowed to fill in potential answers if you do not
wish to share your personal information in your portfolio. You are by no means required to fill in
personal information!
Analysis
How much do you make per hour at your
current job? (Wage)
How hours do you work per week?

Answers

How much do you make per week? (Wage X


# of hours per week)
How much do you make per month? (Money
per week X 4)
Of the amount made per month, how much do
you spend?
How much money is saved per month after
expenses?
How much money do you currently have
saved?
Finally, How much money will you
potentially have saved by the start of your
post-secondary program?

Based on the average costs of tuition per year found in part 2, add the following costs per year to
your first year tuition fees if applicable:
Tuition:
__________________________ +
Residence/Rent:
__________________________ +
Groceries/Meal Plan: __________________________ +
Textbooks:
__________________________ +
__________________________
=
__________________________
How much more money do you need to save in order to attend your first year of post-secondary
education?
___________________________________________

MBF3C FOUNDATIONS FOR COLLEGE MATHEMATICS

MBF3C FOUNDATIONS FOR COLLEGE MATHEMATICS

Part 3: Ontario Student Assistance Program (OSAP)


DONT PANIC if you realized in part 3 that you dont have enough money saved up for postsecondary education. Many students in Canada cant afford their schooling all by themselves.
There are many options for student financial support in Ontario. A great example is OSAP which
is specifically designed to help students pay for their education and even if you cant receive
OSAP, there are many loans and other means of financial support that can help you which we
will explore later.
On the OSAP website, you are able to determine the types of aid available to you and the amount
of aid that can be given. Explore the two options to determine what is available to you and
explain the outcome in the box below:

Take the estimated amount of OSAP loan per year and determine the amount of OSAP you
would need in order to complete your program:
$_________________________________________________
Using the OSAP repayment calculator and taking into account your average income of your job
that you worked so hard for in post-secondary, determine the amount of interest you will need to
pay in order to pay off your loans in the estimated amount of time. Fill in the details below:
Repayment Calculator:
Total Repayable Student Debt: $__________________
Repayment Period: ________________ Months
Interest Rate: 3.5%
Estimated Monthly Payment
Your Estimated Monthly Payment: $_______________________
Estimated Student Load Interest Tax Credit: $________________________
Interest Paid:
Estimated Monthly Payement
Interest= ( Months Repayment )Total Repayable Student Debt

MBF3C FOUNDATIONS FOR COLLEGE MATHEMATICS

Paid Interest: _____________________________