The rising cost of living along with other school expenses have Edmonton students watching their wallets, as well as finding creative sources for financial aid.
An Angus Reid survey of 1,508 Canadians found 62 per cent of respondents in post-secondary studies (along with 64 per cent of participating parents with children getting a grade-school or post-secondary education) were either worried or stressed about the effect of inflation on the cost of the upcoming school year.
Insolvency and debt-relief firm Bromwich and Smith commissioned the survey, which also saw 32 per cent of respondents afraid of taking debt to cover upcoming school expenses, and a little over half expecting to budget more for school-related activities compared to last year — from sports and extracurricular activities to field trips and opportunities to study abroad.
Taz Rajan, a community engagement partner with the firm, told Postmedia that those concerned about debt should limit their spending to the essentials.
“Really focus on the needs versus the wants,” she said.
While clothing and school supplies will likely top the list this fall, there are still ways to “be smart about those purchases,” she added, such as setting spending limits on new apparel, or seeking out refurbished as opposed to cutting-edge computers.
Some university students preparing for an expensive fall term said discipline and financial literacy are important skills given the economic climate, but they also noted individual choices aren’t always enough to buffer increasing costs.
Myles Dykes, president of the Students’ Association of MacEwan University in Edmonton, said the high cost of living, unpredictability during the pandemic and rising tuition have placed students in an “affordability crisis.”
According to Statistics Canada, undergraduate tuition fees in Alberta have been on a steady climb since the 2019-20 academic year, and saw a 7.5 per cent increase in 2021-22. Alberta’s government has also reduced a grant for full-time students by about a third.
“Students are ultimately scrimping and saving to get by with this tuition increase and with the cuts to grants,” Dykes said, calling for student support from the province. “Ultimately, we know that financially secure students are better set up to succeed.”
The Angus Reid survey also found nearly 75 per cent of survey respondents said they’re expecting to see higher prices for school supplies, including textbooks, this coming year.
Dykes said students have the option to find textbooks through other sources than the university bookstore, such as online marketplaces and the library, which often offer discounts (if not loan periods).
He also pointed to a confidential student hamper service and breakfast club provided through the students’ association, as well as financial assistance programs including bursaries and an RBC branch on campus that — along with student investment and accounting groups — helps provide financial literacy.
A little farther south, the University of Alberta Students’ Union (UASU) has advocated for a Zero Textbook Cost program that piloted over the past year.
Christian Fotang, UASU vice-president external, said the program flags classes that don’t require students to purchase books and rely instead on “open educational resources” (OER) to help cut costs.
The UASU estimates that the program saved students about $9 million over the past year.
“We’ve been making pushes for professors in the university to provide more OER for students,” he said.
Along with Dykes, he said cutting costs also requires a multi-pronged approach including support from the province, such as reviving the Summer Temporary Employment Program to help students earn income during the academic off-season.
According to Bromwich and Smith, the Angus Reid survey was conducted online from Aug. 10 to Aug. 12 among members of the Angus Reid Forum. For comparison purposes, the firm added, the sample plan would carry a margin of error of +/- 2.5 percentage points 19 times out of 20, and discrepancies in or between totals are due to rounding.
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