Paying for university today is more expensive than ever. Tuition and other compulsory fees are predicted to rise by 13 per cent – well above the rate of inflation – to $7,755, according to the Canadian Centre for Policy Alternatives. In fact, tuition fee have almost tripled over the past two decades alone. Ontario, where I live, has the dubious honour of the highest tuition fees in Canada – students can expect to shell out $9,483 per year by 2017-18.

I was raised in your typical Canadian family with two working parents. We weren’t well-off by any means, but we had enough money to live comfortably. Unfortunately, my parents simply didn’t have the financial means to contribute a registered education savings plan (RESP). When it came time to attend university, I was largely on my own. I didn’t have much savings, so I had no choice but to get a student loan to help pay for my schooling.

When I was in high school I coasted and didn’t put in my full effort. I didn’t have the grades to get into a top-notch university, so I decided to attend community college first. Like most high school graduates, I didn’t really know what I wanted to do when I graduated. I enrolled in business administration because it seemed like a diploma that would lead to gainful employment.

The average student debt for is $27,000, according to the Canadian Federation of Students – that’s a lot of debt to take on, especially when there’s no guarantee of employment when you graduate. I knew university would be expensive, but I didn’t realize how expensive. It’s at that moment I came to the realization that I would have to work hard if I didn’t want to be saddled with five-figures of student debt upon graduation.

Here are the five most important lessons I learned from paying my way through university:

Financial Discipline: With a student loan to pay off, I made it my top priority. I lived a frugal lifestyle – I packed my own lunch, cycled and took transit to university, and purchased my textbooks secondhand. The temptation to spend was everywhere, but I was motivated to pay off my student debt at all cost. I learned to get by on less. I didn’t have a laptop or a smartphone, but I still managed to enjoy life.

Budgeting: College life gave me the first real taste of financial freedom. For the first time ever, I was financially responsible for my own well-being. If I ran out of money, I couldn’t simply go to my parents for a handout. Preparing a student budget and monitoring my spending really helped keep my spending in check.

Time Management: When I was in high school I never had a part-time job. Instead of using the free time wisely, I slacked off. My outlook on life changed in college. During the school year I worked three part-time jobs and worked full-time during the summer. Working so much taught me the importance of time management. I learned to prioritize what mattered most in life. School work took priority over watching TV or hanging out with friends.

How Fortunate I Was: Even though my parents didn’t contribute to a RESP, I was still very fortunate. My parents did a big thing for me – they let me live rent-free at home while attending school. If I had to pay for residence and my own meals at college, I would probably still be paying off my student debt today. You don’t truly appreciate something until you realize how tough others have it.

Hard Work Pays Off: Through hard-work and financial discipline, I was able to pay off my student loan when I graduated from college. After attending university for two years, not only did I graduated debt-free, but with money in the bank. I had already saved $70,000 towards a down payment for a home.

Did you pay for university yourself? What lessons did you learn along the way?

Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.