Some Facts About Post-Secondary Education
According to our annual Guide to Education Costs in Canada, for a child born in 2013, the first year of university could cost as much as $28,870 – that’s more than $120,000 for a four-year program.
Post-secondary education is an expensive proposition, and there is every indication that the costs will only continue to increase. With rising tuition fees and living expenses, it is important that students have the financial means to complete their post-secondary education and graduate with as little debt as possible.
Some facts about student debt and post-secondary education
- The number of students relying on Canada Student Loans has increased 23% over the last five years.
- 59% of students report having some sort of repayable education-related debt. Amongst students graduating with debt, almost 1 in 5 relied on parents or family to help pay their post-secondary education.
- Over the next 10 years, two-thirds of job openings will be in management occupations, or occupations that require post-secondary education.
- In Canada and other OECD countries, the average relative earnings of adults with post-secondary education are more than 1.5 times that of adults with high school education.
- The rapidly changing needs of a knowledge-based economy are likely to create a widening demand for workers with post-secondary education.
For more information about the cost of a post-secondary education, download a PDF of our 2014 Guide to Education Costs in Canada.
(1) Canada Student Loan Program, 2010-2011
(2) 2012 Survey of Graduating Students
(3) Canada Occupational Projection System, 2011 Projections
(4-5) Education at a Glance 2013 Organization for Economic Co-operation and Development (OECD)