The Price of Knowledge

MONTREAL—The average employment income of a working student ($4,650) is not even enough to cover the average cost of undergraduate tuition and ancillary fees ($4,970); not surprisingly, many full-time students turn to government student loans for support, borrowing on average $7,500 per year, says new research published today by the Canada Millennium Scholarship Foundation.

Other key findings of the report, Student Costs and Resources, include:

· Full-time students need, on average, $14,500 to cover annual study-related expenses

· University undergraduates need $16,000 annually, while college students need $11,500

· Tuition accounts for 31% of education-related expenditures, while living expenses such as accommodation and food account for 28%.

“This report shows that the costs of going to university or college can be very high, and it also confirms earlier research that highlighted the importance of student financial aid, including non-repayable need-based aid, in helping students overcome financial barriers to post-secondary education,” said Norman Riddell, the Foundation’s executive director and chief executive officer. “The Foundation continues to measure the effectiveness of programs designed to reduce student debt loads and hopes its research will inform the discussion to determine if, overall, Canada has the right tools in place to help students who are most in need of support.”

source : www.millenniumscholarships.ca/en/newsevents/newsfull.asp?newsid=128