Financial aid guide for university and college students in Canada Jul 15th

Financial aid is rarely an after-thought, but student debt is often a bigger problem than most university and college students in Canada anticipate. Rising tuition fees and expenses of going to college or university have become increasingly large burdens to bear for students—many of whom are already dealing with pressures from the cost of living on their own for the first time. Add on the economy-pausing pandemic, and it’s easy to understand why students are looking for financial help for school. A 2020 poll by conducted by CIBC showed that about 7 out of 10 students admitted their income has been affected by the COVID-19 situation.
School is expensive—even without a pandemic. A 2018 Canadian University Survey Consortium survey of graduating students shows that, of the 50% of students finishing school with debt, the average amount owed is about $28,000. And for many that debt can be crippling. According to an eight-year study by independent personal insolvency firm Hoyes, Michalos & Associates Inc…