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Students worried about debt, job

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TORONTO—Worry over tuition and living expenses is dogging almost half of post-secondary students as they head back to school.

They’re also afraid they won’t be able to pay back debt once they graduate because they’re concerned about finding a well-paying job, a poll issued by CIBC shows.

But experts say learning to keep finances in check is a lesson that will go far in helping students manage their money so they don’t graduate owing a huge amount.

The online poll, conducted among 992 randomly-chosen post-secondary students who are Angus Reid Forum panellists, took place from July 27-29.

It shows 48 percent of students are most worried about covering tuition and living expenses for the upcoming school year, as well as repaying school-related debt, of which 36 percent expect to be $25,000 or more when they graduate.

Some 37 percent of post-secondary students say finding a job that pays well after graduation is a top concern.

The poll also found that students, most of whom expect to spend $10,000-$30,000 a year for schooling (tuition and books) and personal expenses (rent and entertainment), anticipate a lot less help this year from parents.

They expect their parents will cover 22 percent of tuition and school costs—down from 33 percent in a similar poll last year.

About 34 percent said they will support themselves with jobs.

Five percent of respondents were concerned about finding and keeping part-time employment.

As many as 37 per cent of post-secondary students say they don’t know if they’ll be able to manage their finances after they finish school, with about one-fifth not expecting to be able to support themselves financially.

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