Education
The price of
education The burden of student loans
ifty-nine thousand, two hundred and fifty-eight dollars. And ten cents. Matt and Nicky Kohls are all too familiar with the burden of student debt. The Kohls met, dated, and got engaged while they studied at the University of Guelph. Both came from families that were unable to fully support them financially through their education. Their only choice was to take on student loans from the government. $59,258.10 worth of loans between the two of them, to be exact. The two entered into their marriage with relatively the same amount of borrowed money to pay off.
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“We were equally yoked in our debt,” Matt jokes. “When we first graduated it felt like a real mountain that was really … unconquerable,” Nicky explains. “It felt really overwhelming. That’s a lot of money.” The Kohls are certainly not alone in this reality. Statistics Canada reports that 57 per cent of students graduate with some form of debt, whether through government student loan programs or other sources. But surprisingly, student debt in Canada is rather underresearched. A thorough and complete investigation of graduate debt hasn’t been conducted by Statistics Canada since 2005. Reports from this analysis indicate that average debt can range anywhere from $13,600 to $25,600. New graduates carry this heavy financial burden and on average spend almost a decade struggling to pay it all off. A survey conducted in 2012 by the Canadian University Survey Consortium shows even higher levels of debt among undergraduate students. These figures, when added to the struggle of the increasingly competitive job market, not to mention having bills to pay and groceries to buy, give new graduates more than 99 problems (and a hefty bank account ain’t one).
Artist. Christian. Yes, you can be both. rockymountaincollege.ca theatre@rockymountaincollege.ca
Flickr photo (cc) by Utah State Library
By Amanda Bast