The Canadian Student Loans Program (CSLP) has released its official report for the 2012-13 academic year, outlining government spending on student loans and grants.
According to the report, the CSLP released a total of $2.6 billion to approximately 472,000 full-time and 9,600 part-time post-secondary students this year.
In terms of grants, over $646.7 million was distributed amongst 336,173 full and part-time students (out of which 209,000 received additional support from the Repayment Assistance Program, designed to help students pay back their student loans based on what they can afford).
In addition, 768 Millennium Excellence grants were distributed to high-performing students to reduce financial barriers to post-secondary education.
Demographically, 64 per cent of these students resided in Ontario and were receiving OSAP, followed by 13 per cent from British Colombia and 10 per cent from Alberta.
Fifty-five per cent of students receiving CSPL’s services were 21 or younger, and 60 per cent of were female. The average loan amount for students under 21 was approximately $4,900, while the average amount for students 30 years of age was $6,700.
Despite predictions of Ontario tuition increasing from an average of $6,885 (as of this year) to $7,755 by 2017-18, the Canadian Centre for Policy Alternative’s report Tier for Two said the amount of funding remains fairly equal compared to previous years. The default repayment rate on Canadian student loans has declined by 13 per cent.
Though the numbers say tuition is offset by student loans, some students said they don’t agree with the report’s findings.
Second-year Carleton student Joshua Chartrand said he believes the student loan situation is “getting out of hand.”
“I think they’re both benefiting and harming us,” Chartrand said. “It allows the majority of students to attend post-secondary institutions, which otherwise would be too expensive to attend. But the [debt] can take several years to pay off.”
“So is it better to eliminate student loans to prevent this, allowing only those who can afford post secondary the admittance for education? There isn’t one complete answer,” he said.
