Need a Source? - Tuition increases almost double rate of inflation over past decade Statistics Canada says



    TORONTO, Oct. 9 /CNW/ - Students attending Canadian universities this
year face a 3.6 per cent increase in tuition fees, following a 2.8 per cent
increase the previous academic year, according to a Statistics Canada report
released today.
    Over the past 10 years, tuition fee increases have almost doubled the
rate of inflation. Full-time undergraduate students are paying an average of
$4,724 in tuition fees for the 2008/2009 academic year, up from $4,558 a year
earlier. This represents an annual average increase of 4.4 per cent over the
$3,064 paid for tuition in the 1998/1999 academic year. In contrast, this
exceeds the rate of inflation, which rose at an annual average rate of 2.3 per
cent.
    "Given the continued trend of tuition fees rising faster than the rate of
inflation, the earlier parents can start saving for their child's education,
the better," says Peter Lewis, Vice President of Canadian Scholarship Trust
Foundation. "Even in today's volatile marketplace, a group Registered
Education Savings Plan (RESP) is a safe haven with security of principal and a
conservative investment approach. Parents can sleep well knowing their
investment is safe and the money will be there when their child goes on to
higher education. In addition, there are a number of available
government-funded savings incentives that parents can take advantage of to
help boost education savings."
    Peter Lewis is available to discuss how parents can best prepare for the
cost of their child's post-secondary education, the safety of investing in an
RESP in light of the current market conditions and the available government
grants to help supplement education savings.

    The Canadian Scholarship Trust Foundation, founded in 1960, is the oldest
and largest provider of RESPs in Canada, with more than $2.5 billion in assets
under administration. Its mission is to promote the benefits of higher
education and improve access by reducing financial barriers.




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CANADIAN SCHOLARSHIP TRUST FOUNDATION

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