Students report high stress due to lack of funding for rent, food and transportation
TORONTO, April 12, 2016 /CNW/ - College and university acceptance letters are rolling in and Grade 12 grads and their parents' focus is shifting to thoughts of cobbling together funds for deposits, tuition, rent/residence, meal plans, books and other seemingly endless higher education costs.
Most likely the parents of these students are Boomers or GenXers. They're in for an abrupt awakening about funding higher education—it's changed a lot since their days on campus. It will definitely come as a surprise that campus food banks are now the norm.
A new ScholarshipsCanada.com and HigherEdPoints.com study: "Not Your Parents' Higher Ed" was fielded online in March of 2016. Responses from over 1,600 students currently enrolled in college and university shed light on the new funding realities, including:
- Tuition fees ($5,000-$10,000/year) were the simplest to budget for. Finding the funds for rent, food and transportation created the greatest anxiety. Many expressed concern about completing their studies due to financial uncertainty.
- 53% of students work while at school; 17% work more than 25 hours/week and 75% earn only minimum wage.
- 85% had personal savings, but this ranked #3 in terms of largest sources of funds.
- #1 source of funding: government student loans.
- #2 source: "Help from parents" outside of RESPs.
- 49% had RESPs ranging from $3,000 to $70,000. Many said their RESPs ran out in the first year.
SOURCE Higher Ed Points Inc.
For further information: To receive a full version of the study, contact Suzanne Tyson, President HigherEdPoints at 416-551-8941 or info@HigherEdPoints.com or Chris Wilkins, CEO Edge Interactive at 416-494-3343 or info@ScholarshipsCanada.com