The High Cost of Education

The High Cost of Education Unit 2 - Issues in Emerging Adulthood

Discuss What factors affect your decision to attend college or university?

Montreal Massacre December 6, 1989 14 female students shot and killed at EcolePolytechnique

MalalaYousafzai MalalaYousafzai, shot in the head on her school bus by the Taliban, October 9, 2012

Nigeria Almost 300 girls are abducted at gunpoint from their school by the group BokoHaram, April 2014

The High Cost of Education In Canada, most families expect that post-secondary education is necessary for success in life But the cost of tuition is increasing each year This could potentially deprive lower-income families of the opportunities that post-secondary education provides

Tuition Costs Tuition fees in Canadian universities doubled between 1990 and 2005 Why are high tuition fees a problem? They may discourage young people from pursuing post-secondary education They create a system where post-secondary education is for the wealthy Lower-income families can wind up excluded from opportunities for advancement

What are some ways to save on the cost of a degree?

Saving on Costs Live at home or live with roommates Do your research – find out what you want to study and stick with it Budget (and stick to it!) Opt-out of health and dental insurance if you are covered under your parents’ plan Opt-out of the transit pass if you have your own car or plan to walk to campus

Saving on Costs

Paying for School Work part-time during the school year and full-time during the summer break Apply for scholarships, bursaries and needs-based awards (it’s free money!) $ donated from family/parents Student line of credit / OSAP

Discussion Are parents obligated to foot the bill for their child’s post-secondary education costs?

The High Cost of Education In Canada, 41% of families surveyed were saving or their children’s education The amount most parents saved was not enough! (Average amount was $3000) Families should save around $2900 ayear until their child is 18. ($52, 000) Nearly half of all students will borrow money from the government or bank to pay for their education

Student Debt 1 in 4 graduates reported they were having difficulty paying back their student loans 2 years after graduating The average Canadian student graduates university $30, 000 in debt

Is it worth it? Although high student debt is troubling, the wage gap between those with high school diploma and a university/college degree makes the cost of education a solid investment

Other Factors Cost is not the only factor to consider. In fact, it’s not even the most influential. Research suggests that family income, parental education, gender, and distance from a post-secondary institution are all more influential factors than cost when it comes to determining whether a student pursues post-secondary education or not.

Point of View Read “Students Chart Zigzag Routes, Study Finds” on pg. 156-57 Answer questions 3 & 4 on pg. 157

The High Cost of Education