Before Your Studies: Plan & Prepare

Two people sitting at a table talking with books and notebooks on the table.

When you are planning to attend school, there is a lot to consider. Understanding your costs, identifying your resources to be able to attend school and putting it all together is an important part of your planning.

Step 1: Understand your costs - Fixed and flexible

Step 2: Identify your resources - Domestic students

Step 2: Identify your resources - International students

Step 3: Put it all together - Build a Budget

Step 1: Understand Your Costs

Being financially prepared for your studies means understanding your expenses. Before you start your studies, you should explore the “what”, “when”, and “how much” of your costs.

It is important to understand what costs are associated with your program at BCIT. Look up your tuition, fees, and other program costs so you know what to expect.

BCIT Tuition Estimator
- View approximate costs for your program. Please note that tuition is paid term-by-term at BCIT, and tuition/fees may increase annually
Additional Fees
- Learn about other fees you may be responsible for as a BCIT student, as well as payment timelines
  - Full-Time Studies
  - Flexible Learning
International Fees
- Learn more about international student fees and expected increases
Books, equipment, software
- Your program may require you to purchase materials such as a laptop, software, or textbooks. Specific requirements will vary depending on your program. See your program webpage “Costs & Supplies” section or talk to your program area for information on these costs.

Living costs can vary substantially and are divided into 2 categories:

Fixed Expenses – Rent, transportation, food, childcare, phone, insurance
Flexible Expenses – Entertainment, subscriptions

These links will help you get a better sense of what items will cost you and to improve the accuracy of your budget.

WorkBC Cost of Living
See the cost of living estimates – Burnaby; Vancouver
International students budget recommendations

For both your fixed and flexible expenses, it is important to reflect on what spending is for “needs” (necessary/must have) and what spending is for your “wants” (optional/nice to have). Understanding your needs vs. wants will make it easier to adjust your budget if your resources are tight.

Step 2: Identify your resources – Domestic students

Domestic students will find many sources for funding their education, including entrance awards, government student loans and grants, work income, savings, bursaries, academic awards.

Need-based grants and loans can help students with the cost of post-secondary education
- BC Residents: StudentAid BC
- Other Provinces/Territories: Apply for funding through your home province/territory
If you are borrowing money for school, here are few tips:
- - Be aware of interest rates for non-government student loans and limit high-interest borrowing (eg. Credit cards, bank loans)
  - Pay bills on time
  - Keep credit card balances low or at 0, if possible
  - Check your credit report annually via: Equifax or TransUnion Canada. It is important to know your credit score as it can affect your ability to rent, borrow funds, and apply for future loans and credit.
Learn more about having and managing debt and loans from the Credit Counselling Society

Step 2: Identify your resources: International students

International students have requirements for sources of funding prior to arrival. Once you arrive, there may be other options including part-time work, select bursaries and grants, and academic awards.

Step 3: Put it all together

Now that you understand your costs and resources, it’s time to put it all together by building a budget. There are many tools out there to help you with this step. We encourage you to find a budget tool that works for you.

Here are some budget tools you may choose to use:

A sustainable budget should show that you have the resources to cover all necessary costs. Dates and deadlines at BCIT can be added into this budget so you know when funds are due.

If your budget is showing that your costs are higher than your resources, you can use that as an opportunity to see what adjustments can be made: in your fixed or flexible expenses:

Reduce optional expenses (for “wants”), prioritizing needs
Explore other resources/supports
Start an emergency fund in case anything unexpected comes up—even $10/month helps
Consider delaying your studies to allow more time for you to save

Before Your Studies: Plan & Prepare

Step 1: Understand your costs - Fixed and flexible

Step 2: Identify your resources - Domestic students

Step 2: Identify your resources - International students

Step 3: Put it all together - Build a Budget

Step 1: Understand Your Costs

Being financially prepared for your studies means understanding your expenses. Before you start your studies, you should explore the “what”, “when”, and “how much” of your costs.

What are your education costs

What are your living costs

Step 2: Identify your resources – Domestic students

Domestic students will find many sources for funding their education, including entrance awards, government student loans and grants, work income, savings, bursaries, academic awards.

BCIT Entrance Awards

Government Student Loans and Grants

Savings

Work Income

BCIT Bursaries

BCIT Academic Awards

Trades Students

Step 2: Identify your resources: International students

International students have requirements for sources of funding prior to arrival. Once you arrive, there may be other options including part-time work, select bursaries and grants, and academic awards.

Required resources

Part-time work

Select bursaries and grants

Academic Awards

Step 3: Put it all together

Now that you understand your costs and resources, it’s time to put it all together by building a budget. There are many tools out there to help you with this step. We encourage you to find a budget tool that works for you.