Is Post-Secondary Education Worth the Cost?
Is Post-Secondary Education Worth the Cost? By: Iris Peña In an era of rising tuition costs and an evolving economy, an essential question lingers: Is post-secondary education still worth the cost in Canada? The Canadian Scholarship Trust Foundation (CST) and Dr. Nathaniel Barr’s new report responds with a clear answer – post-secondary education provides strong benefits despite the burden of student debt. Peter Lewis, President and CEO of CST, shares his insight, findings from the research, and advice for parents — speaking both as an industry leader and as a parent himself.Career and Income Benefits of Higher Education An individual with higher education is more likely to earn a higher income throughout their lifetime and enjoy greater career stability. Research also shows that post-secondary education offers some protection against economic downturns. While it doesn’t guarantee security, it often acts as a buffer during challenging times.Health and Social Benefits of Higher Education Beyond financial benefits, higher education contributes to shaping critical aspects of life. “When you look at the body of evidence, you can see that having a higher education produces better health outcomes, produces longer lifespans, produces individuals who are more civically engaged,” Peter Lewis, President and CEO of CST, said. University graduates typically live up to eight years longer compared to those who didn’t finish high school. Although this isn’t universal, graduates are more likely to make healthier lifestyle choices, such as being less likely to smoke. From a social perspective, they are also more involved in their communities and more active in charitable giving.The Hidden Weight of Student Debt in Canada The average student debt for a university graduate is about $28,000 for a bachelor’s degree. For community college graduates, the average is closer to $15,000. This debt can heavily impact the start of adult life.Financial and Mental Health Strain “I would say that the most concerning trend we've seen is that sort of persistently, stubbornly high rate of debt for students who are graduating out of university at the moment,” Lewis explained. According to the report, high debt levels are tied to multiple concerns, including mental health challenges. The study refers to this as a “bandwidth tax,” which contributes to higher levels of anxiety and depression.Life Milestones Delayed Debt also forces many young adults to postpone important milestones. For instance:29% delay buying a home 20% delay starting a business 15% delay having childrenAnabelle Hsiao, a fourth-year computer science student, says she feels pressure to pursue a