How Can I Afford to Live Away From Home for My Undergraduate Degree on a Budget?

[Oriako]

Hello,
Next year I intend to enter into the Bsc Honours program in Astrophysics at either University of Calgary (where I live), University of Alberta, or University of British Columbia.

My marks are as follows:
AP Calculus: 100%
Pure Math 30: 94%
English 30: 90%
Physics 30: 96%
Social Studies 30: 92%
Chemistry 30: 85%

With an average of approximately 93% (when including Chemistry), I will be guaranteed two primary scholarships (Rutherford Scholarship: ~$2000 and President's Entrance Award: $2500). I will be eligible for others and may potentially receive extra money for tuition but I'm only counting on these two. With the first year's tuition in the bag and $30,000 from my parents would I be able to make it through an undergraduate degree living away from home in residence at University of Alberta or University of British Columbia? Is it worth it?

Costs of Living Away From Home
University of British Columbia:
Residence and Living Expenses: ~$11,000 per year
Educational Costs: ~$7000 per year
Total Costs (4 Years): ~$72000

University of Alberta
Residence and Living Expenses: ~$9500 per year
Educational Costs: ~$6500 per year
Total Costs (4 Years): ~$64000

Costs of Living At Home
University of Calgary
Residence and Living Expenses: FREE
Educational Costs: ~$6000 per year
Total Costs (4 Years): ~$24000

Just looking at these expenses it automatically becomes clear that I should choose to go to University of Calgary and stay at home, completely on the financial side of things. But, there are reasons for moving out and completing my undergraduate at U of A or UBC.
1) I want to move out. Living in residence and having to take care of myself and my own responsibilities will help me grow as a person and be very beneficial to maturing. I feel that I will do better at school if I move away as there will be little to no distractions.

2) UBC and U of A have superior programs and are more prestigious universities, there are more undergraduate research opportunities at these institution than there are at U of C. I have researched this thoroughly and know this to be the case.

3) U of C is notoriously a horrendous school for first-year students, the drop-out rate is something like 40% and every year bad reports come out from national surveys (such as Macleans maganize) ranking U of C last in a multitude of categories such as, "Would you recommend this institution?", "If you were to take your degree again, would you go to the same institution?, "How was the educational experience?". U of C ranked last in all three of these categories (and more) with approval rates of 17% by students and even lower amounts saying they would recommend it to their friends. This seems like a bad omen and I personally know people who say most professors are bad teachers that only care about research and the majority of first year classes are taught by foreign professors with heavy accents.
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I intend to maintain near a 3.7GPA and will be studying my life away for the next four years to be able to get into graduate school so that I can complete a PhD in something related to Physics (one can never be sure, but it is my tentative plan).

To set myself up for this path, money is a huge barrier but I'm sure I will be able to make it. There are many scholarships I can tap into and my family is willing to support me, I just want to avoid a large student loan at the undergraduate level at all costs. One of the benefits at U of C is that with an entrance average of 90% there is a $2000 scholarship offered that is renewable (over 4 years) if at least a 3.7GPA is maintained.
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I'm sure I will have an even tougher time financing graduate school, but I need to complete my undergraduate at a good university that will prepare me for research and maybe even allow me to participate in some of my own in 4th year. These are my major concerns, hopefully I didn't hit you with a wall of text crit!
I appreciate any responses.

Thank you very much,
-Sam Reid

 

[VanOosten]

just a heads up averages are expected to drop in first year so relying on scholarships to stay afloat is very stressfull.
it looks like you are off to a good start and if you have a part time job on weekends you might be just fine moving out and student loans can help if you need it a little more which you can pay off with your job afterwards

 

[twofish-quant]

I'm sure I will have an even tougher time financing graduate school, but I need to complete my undergraduate at a good university that will prepare me for research and maybe even allow me to participate in some of my own in 4th year.

You won't if you go into physics. Most physics Ph.D. programs fund graduate students through TA/RA positions. If you go law or medical school, it's a different story.

 

[Oriako]

Thank you for the responses. I will certainly be working throughout the summer between years, so that will help to pay for living expenses.

@twofish-quant: Really? I didn't know that, and that is excellent news! Do you have any extra advice or guidance on which university would be best or regarding the "do I move away/do I stay home" situation?

 

[Oriako]

Any other responses? I know people on this forum have a lot of experience with these sorts of situations and I really could use some help! Please, anyone?

 

[fss]

Not sure how things work in Canada exactly, but it's common for students to take out loans to finance education in the US.

 

[Ryker]

Also, I think you underestimated the costs of attenting the University of Calgary. You can't count on residence and living expenses as being free, because *someone* will have to pay to pay for them, nonetheless, and that someone could then just give you that amount of money if you go away, as well. Even if you stay at home, you'll have to eat and drink, you'll probably go out, you'll use electricity, water and whatnot. Granted, some of those would be used anyway if you live with your parents, but you should still at least consider the costs that are directly related to your needs. Perhaps then there's going to be a smaller difference between the costs of attending the different universities you mentioned, and it's going to be easier to make a decision.

In any case, it's a hard decision, I know, and in the end it depends on how much you're willing to risk for education. I can't tell you how good or bad Physics education at the University of Calgary is in comparison to the University of Alberta or UBC, but I, too, have heard the latter ones mentioned as one of the top programs in the country, whereas I haven't heard such things of Calgary. I guess you could say those two are more of sure shot, as in you know what you're going to get. I, myself, am an international student, at the UofA now, and so far I like it, and have nothing much to complain about. That being said, I'd go with UBC if costs were roughly the same, but that's just my personal preference. You also mentioned scholarships. UofA was miles above any other Canadian university that I applied to, as far as that's concerned, at least for international students. So you might want to check out different scholarships that are available at different universities, because some may be a lot higher than those couple of grands you mentioned you'd get from the University of Calgary. At least in my case they made a world of difference, and you also don't have anything to lose by applying to all those schools, seeing what financial support you'd get and then deciding.

Not sure how things work in Canada exactly, but it's common for students to take out loans to finance education in the US.

Also, I think just because it's common, doesn't mean it's the most sensible thing to do.

 

[General_Sax]

You can't count on residence and living expenses as being free, because *someone* will have to pay to pay for them, nonetheless, and that someone could then just give you that amount of money if you go away, as well.

...

@OP

If you want to graduate with the least amount of debt possible, then it seems obvious that you should study @ UofC. However, if you want to experience 'freedom' from your parents, then it's going to cost either way.

When deciding upon taking debt one should consider whether or not the debt will increase one's wealth/earning potential/quality of life. If your wealth/earning potential/quality of life is increased more than the future 'value' of the debt, then one should take on the debt. The difficulty in making decisions in this manner is quantifying one's 'quality of life'. It's why some people drive expensive sports cars they can't afford and why some study basket-weaving.

 

[Ryker]

...

You disagree then? So if his parents are going to be paying for his food living at home, how is that any different from them paying for his food while he lives in Edmonton or Vancouver?

 

[General_Sax]

So if his parents are going to be paying for his food living at home, how is that any different from them paying for his food while he lives in Edmonton or Vancouver?

Well my original point was that cost of food/shelter at home =/= cost of food/shelter when living on one's own. His parents are going to be paying for their mortgage (presumably) whether or not he lives there, and food costs will most-likely be less because they will be buying in bulk -- when compared to cafeteria 'one-shot' meals.

 

[Ryker]

Alright, I assumed he'd be making his own stuff, as well as have a fridge and freezer at his disposal. So yeah, it depends upon him alone how much more expensive living away from home, at least as far as food is concerned, will be. Speaking for myself, my food expenses do not go up when living on my own as opposed to living with my parents, but I guess there is a chance another person's could. I agree on mortgage and other costs that would be incurred regardless of whether he lives at home or not, but I'm just saying there are still going to be "residence and living expenses" even in that case.

 

[Choppy]

It seems to me that the OP has his o her mind set on going to UofA or UBC and is really just trying to justify the added cost of living away from home.

He or she has made considerable mention of scholarships, but I haven't seen any mention of summer or part-time jobs. While it may not be the optimal solution, it's not unreasonable to factor in about 8 hours a week on a part-time job during the school year and full-time work over the summers to offset any student loans.