Rising cost of living leads some high school graduates to forgo their dream universities

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As the Bank of Canada has raised interest rates from 0.25 per cent to 4.5 per cent since last year, students have been among those hit hardest by soaring cost of living expenses, rents and grocery prices

Connor Sullivan had his sights set on the University of British Columbia’s conservation biology program back in 11th grade. But after doing the math, he quickly realized his dream wasn’t quite adding up.

Instead, he opted for a college-to-university bridging program in conservation biology at Fleming College in Peterborough, Ont., which he was able to start online while living at home. “Everybody will say, well, we’re all suffering, too, so why should we care about students necessarily? It’s expensive for everybody,” says Peter McInnis, president of the Canadian Association of University Teachers. “And it is, but this is generational – I can weather the cost of things more easily because I’m not a student anymore, but if you’re a student, that’s gonna affect you for decades.”

Others are looking to cut costs by prioritizing programs with placement opportunities that can help them offset living costs. In hopes of minimizing debt, 12th-grade student Anish Neethiganesh searched for co-op program opportunities when applying to his top schools – the University of Ottawa and the University of Waterloo – even though his parents plan to cover roughly 50 per cent of his costs.

Though Mr. Sullivan’s program kept him closer to home, he also chose programs with co-op opportunities. But while he was able to mitigate the mind-boggling costs of living in Vancouver by opting for Trent, residing on campus set him back $8,900 for the 2022-23 school year, while rising interest rates have made life in Peterborough less affordable overall.

 

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