Here’s some more fuel to add to the fire of the student protesters in Quebec. New statistics from RateSupermarket.ca show that not only are student loans higher than they’ve ever been, but even more concerning, they’re taking longer than ever to pay off. Combine this with the lack of employment and smaller salaries graduates are facing today, and if you’re not careful, things could start to look grim.
The RateSupermarket study compared costs for tuition, supplies, books, and on or off-campus living (not with parents) for several different universities across the country. It found that by the time the average student leaves university, they have paid $80,000 for their education; and they carry $28,000 in debt once they leave school.
“I think everyone was surprised by the results,” said RateSupermarket president, Kelvin Mangaroo. “Every part of the post-secondary experience has become more expensive, and when you take into account accrued interest on student debt and inflation, the results are quite shocking.”
What might be even more shocking though, is that it’s taking students 14 years to pay it off. And that’s only if they’re lucky enough to land a job after graduation with a starting salary of $39,523.
“The average student graduates at 23 or 24, they’re looking to pay that off by 37 or 38,” says Mr. Mangaroo.
Of course, the fact can’t be overlooked that students who are living with their parents pay less than half of their parent-free counterparts. Without living expenses to account for, students who live with their parents pay only $35,000 for their education.
Mr. Mangaroo also pointed to this fact saying, “If the cost of living away at university continues to increase we can expect a lot more people to consider living at home as a viable option.”
That’s probably true; and it makes a lot of sense. But, that means that not only will students living at home still be paying more than ever for their education and taking longer to pay it off, they’ll also be having a very different college experience than their parents and older peers did.
And, says Mr. Mangaroo, the other difficulties graduates face shouldn’t be ignored either.
“As the housing market continues to increase it’s becoming much harder for first-time buyers to get a mortgage,” says Mr. Mangaroo. “Coupled with lingering student debt, life is getting harder and harder for young people.”
So while it’s true that education is never really free, and we should take it for the privilege it is rather than a right, maybe we should all give those student protesters in Quebec a little bit of a break.
