Assessment Examples

Calculation Scenarios

Use these financial scenarios to learn more about funding your post-secondary education.

Example 1 - Jay's Budget (2009-2010)  

Jay is moving to the city to start a biology degree. He has been working and has saved $2,700. He'll use his savings to help pay for tuition. His parents will contribute and he will get a student loan to help cover the rest of his expenses. 

Monthly Expenses

$ 429 Rent and utilities
$ 447 Food, clothing and personal care
$   65 Transportation
$ 941 Total monthly expenses

$4,537 Tuition
$1,705 Books and mandatory fees
$6,242 Total education costs

$ 250 Contribution from parents

$2,700 Savings

Summary of Jay's Expenses and Resources

$13,418 Total expenses calculated as follows:

$6,242 + $7,528 ($941 x 8 months in program)

$4,700 Total resources calculated as follows:

$2,700 + $2,000 ($250 x 8 months in program)

Expenses ($13,770) - Resources ($4,700) = Award ($9,070)

Breakdown of Award

Loans ($7,140) + Alberta Opportunities Bursary ($1,500) + Alberta Student Loan Relief Benefit ($430) = Award total ($9,070)

Example 2 - Sherry's Budget (2009-2010) 

Sherry is going back to school to complete a social work diploma. She's married and has three children (ages 6, 8 and 12).  Her husband's salary is expected to cover part of her education costs. Sherry has $2,000 set aside for school, but her child care expenses are a lot on top of tuition and books.

$1,359 Housing and utilities
$1,482 Food, clothing and personal care
$   227 Transportation
$   950 Child care
$4,018 Total monthly expenses

$3,800 Tuition
$1,285 Books and mandatory fees
$5,085 Total education costs

$2,400* Spouse's salary (*$200 spousal exemption calculated)

$2,000 Savings

$37,229 Total expenses calculated as follows:

$5,085 + $32,144 ($4,018 x 8 months in program)

$21,200 Total resources calculated as follows:

$2,000 + $19,200 ($2,400 x 8 months in program)

Expenses ($37,229) - Resources ($21,200) = Award ($16,029)

Breakdown of Award

Loan ($7,140) + Alberta Opportunities Bursary ($1,500) + Canada Student Grant for Students with Dependants ($3,200) + Alberta Student Loan Relief Benefit ($2,185) + Canada Student Grant for Students from Low-income Families ($2,000) = Award total ($16,025)