Increasingly more students are struggling with the added weight of debt incurred while attending school. Although there are bursaries and scholarships available, sometimes it’s not enough. Students are disappointed with the growing cost of education. Those attending The College of New Caledonia face new service fees and a two per cent tuition hike next year.
The Chairperson of the CNC Student’s Union, Nathan Giede, says there needs to be support from the government. “It is not fair to students, it’s passing costs on that ought to be born by the larger base through the provincial government and even through the federal government if it chooses to put grants to that.”
The problem for students is that many struggle with the cost of their education and develop bad spending habits which could haunt them for the rest of their lives.
David Low with AAA Credit Counsellors & Debt Consultants says students can’t approach a loan as if it’s ‘free money,’ but instead have to live within their means. “We would set them up on a budget. They need to know how much money to allot for the student loans, they need to know how much money to allot for living, and they need to live within that.”
The average post-secondary graduate incurs roughly $25,000 of debt which makes budgeting even more important. According to the Canada Student Loan Program, students in B.C. accumulate the highest debt in the country at around $35,000. It takes some students anywhere from 10 to 20 years to pay off their student loans.