( Photo: Craig Stadnyk )
Student debt is an epidemic sweeping the nation’s post-secondary institutions where many students may be experiencing symptoms of stress and borderline poverty.
Over $13 billion of student debt has accumulated and that does not include provincial loans that total up to $5 billion, according to the Canadian Federation of Students. The amount shows no sign of decreasing and in a time of recession, students are beginning to panic.
Megan Lyons, a first-year journalism student at Carleton, is living off-campus and feeling the pressure.
“I’m watching what I eat because I can’t afford to go grocery shopping,” she said.
Debt can have a serious impact on students’ lives. Some may feel the need to change their major, forgo grad school or even drop out altogether.
“At the end of the day, there is nothing students can do,” said Ian Boyko, CFS campaign and government relations co-ordinator. “The government must step in and turn loans into grant money.”
“Debt hurts individuals and society at any point,” Boyko said, adding he is unsure about the effect the recession has on student debt.
“It’s too early to tell,” he said.
Students should continue to save and constantly watch their spending. Getting a job may be difficult when you have to balance schoolwork, friends and activities, and Carleton recommends dedicating no more than 15 hours a week towards working.
Some students, like Leah Hargreaves, a first-year arts history student at Carleton and part-time sales associate at the Rideau Centre, are happy with their jobs.
“It was rough during the bus strike but now it’s starting to pick up again, which is great news for me and my bank account,” she explained.
The media has also been helping students by raising public awareness about the accumulation of student debt. Many issues have been given much attention such as the need for a better student loan system and publicizing the negative effects this debt will have on our society.
Natalie Dylan, a 22-year-old women-studies graduate from Sacramento, California, has used the media to enhance her “project” of selling her virginity to Internet bidders.
She is setting a good example to students as someone who is using her ‘resources’ to make a profit. “The main objective is nothing less than research,” Dylan said. “I’m trying to be business savvy as well.”
Dylan has received numerous offers – bidding has reached $3.8 million and is continuing to climb. “I’ve been receiving many lucrative business offers,” she said. “I’m just trying to weigh my options.”