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Sept13, 2009-Sept20, 2009 |
Is a degree worth a mountain of debt?
Canadian Federation of Students president discusses university fee increases
By Concita Minutola
Originally Published: 2009-08-30
Being rendered penniless by Christmas is the worst nightmare for 43% of newly enrolled college and university students and for 35% of students past their first year, according to a recent RBC/Ipsos Reid Student Finance Opinion Poll. In fact, 79% of students are considering combining part-time work with their studies to stay afloat. Half of those students surveyed worry about depleting their savings before the end of the academic year. These findings are emerging just weeks before the start of the school term. The data can be added to the severe decline in summer jobs, as reported by Statistics Canada, to paint a grim picture for cash-strapped students.
For Katherine Giroux-Bougard, president of the Canadian Federation of Students (CFS), a national strategy is needed to deal with the situation aggravated by the economic crisis and by the increase in university tuition.
“Students are very worried,” says Giroux-Bougard. “The Ipsos Reid poll confirms what we saw this summer – which is that, since students had difficulty finding work, they haven’t been able to save enough for university expenses. The increase in fees does nothing but increase their worry. Students are questioning whether they’ll be able to get a post-secondary education, and if they’ll be able to cover their expenses.”
What are some of the consequences? Could students be forced to abandon their studies or switch to part-time courses?
“For sure, some students will have to make some difficult decisions, whether to continue their studies or not, or turn to private loans to be able to continue. And for some who already have loans, there’s the risk of having to ask for more money. In future, we might see an even bigger increase in debt weighing on the students’ shoulders.”
How big is that debt currently?
“It varies from province to province, and could go from $22,000 to $28,000. In Ontario it’s about $25,000 for four years of undergraduate study.”
And by how much is university tuition increasing?
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