Post-secondary education is a family investment; regardless of who covers the costs, decisions surrounding higher education can have a significant impact on the lives of young adults and their families. A degree or diploma can open doors to employment and the possibility of higher earnings; however, higher education involves costs that must be managed, and families often play an important role in helping students manage their finances.
Using new survey information and data from Statistics Canada, the Vanier Institute has updated our infographic on students and family finances in Canada.
- University tuition fees for Canadian undergraduate students were approximately $6,800 for the 2018–2019 academic year, with an additional $920 in additional compulsory fees.
- Six in 10 surveyed students reported that parents, family or spouses helped fund their education.
- Among surveyed parents who are funding their child(ren)’s education, 6 in 10 say that they use day-to-day income to provide this funding.
- Six in 10 surveyed first-year university students in Canada said they have received a financial award from their university, 71% of whom said they would not have been able to attend university without this financial assistance.
- One in three surveyed bachelor graduates who graduated with student debt reported that they paid off their student loans within three years after graduating.