The major sources of student income are employment, government loans, savings, parental contributions, private loans, bursaries, and grants. The Canada Millennium Scholarship Foundation has reported that students needed an average income of $14,500 in The Price of Knowledge. 2006-07: Chapter 3 – Student Costs and Resources. It was found that 59 per cent of university students graduated with debt, averaging over $24,000. The 44 per cent of college students who borrowed had accumulated more than $10,000 in debt on average.
The provincial and territorial governments have developed non-repayable student financial assistance in the form of grants and bursaries that have been effective in stabilizing student debt levels and have helped students complete their postsecondary programs.
CMEC continues to conduct research that furthers understanding of the reality, consequences, and responses to the need for student financial assistance.
- The 2006 report, Investing in their future: A survey of student and parental support for learning, was prepared by EKOS Research Associates in partnership with Canada Millennium Scholarship Foundation, Human Resources and Social Development Canada, and the Council of Ministers of Education, Canada. It provides profiles of the students, parental perspectives, and information on the impact of finances.
- A report to be released in the next few months looks at the effect of specific governmental policies and practices in An examination of the impact of provincial and territorial needs assessment processes.