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Tuition to hit $19,000/year by 2031?

Canada Student Loans report predicts higher tuition, more borrowers


 

Fewer students will attend post-secondary institutions in 2031, but a much greater proportion will take out loans. They will face much higher tuition rates, and their loans at the end of a four-year degree will be higher. Maybe. That scenario is predicted in the Canada Student Loan Program’s (CSLP) seventh-annual actuarial report, released earlier today.

The only mainstream outlet to carry information on the report was the Toronto Star, which talked to a Scarborough-raised criminology student, Krisna Saravanamuttu, about his debt. Saravanamuttu faces $20,000 of debt after only three years of school. To put that in context, the report suggests that tuition — now averaging $5,800 per year for an undergrad degree in Canada — will rise to average over $19,000 a year by 2031.

The report also said that as of the end of July 2007, the amount of total direct loans in default was just over $1 billion.


 
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Tuition to hit $19,000/year by 2031?

  1. Does the report adjust for inflation?

  2. Yes.

    The report also indicates that the percentage of post-secondary students with a student loan will increase from 36 per cent to 52 per cent. And even though there will be less full-time students enrolled in 2031-2032, the total amount of new loans issued will balloon to $2.9 billion in 2031-32, up from $1.9 billion in 2006-07.

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