Nova Scotian post-secondary students could be paying over $100,000 for a four-year degree and residence fees by 2029.
Canadian RESP company Embark released a forecast of how much an average four-year university degree will cost students in each province starting next September, with N.S. topping the list at an average cost of $88,490, more than $10,000 above the national average ($75, 387).
At current rates, the company predicts the cost to reach $132,565 in 18 years.
Embark notes this financial burden is a significant concern for Canadian parents, particularly those raising Generation Alpha, as they must plan and save for a six-figure education.
Other provinces expected to top the $100K benchmark in the next 11 years include Ontario, Saskatchewan and New Brunswick, which will be the third most expensive province for the upcoming year at $83,162, 10 per cent higher than the national average.
Projections also show the Maritime province potentially eclipsing Ontario in 18 years time.
At $76,802, Prince Edward Island students will pay about the national average next year and won’t have to worry about exceeding $100,000 until 2038 based on projections.
Newfoundland and Labrador, meanwhile, ranks tenth in terms of education costs for the next year, with a cost of $54,366, 28 per cent lower than the national average and the projections don’t indicate Memorial University of N.L., the province’s only degree-granting school, will exceed $100K over a four-year program any time soon.
The rankings are based on the latest data from the Employment and Social Development Canada’s (ESDC) Canadian Post-Secondary Institution Collection (CPIC) and is subject to change stemming from annual updates.
A recent survey also revealed that 31 per cent of Canadian parents lack sufficient knowledge to estimate current education costs. On average, their estimations fall short at $62,067 for a four-year program, which is lower than the projected 2024 average in nine out of ten provinces and over $10,000 less than the national average.