Education and Debt

Is it a right? Before 1870 school was not mandatory –Local residents paid for building and staffing a local school. In predominately rural Canada the emphasis was on the “basics” –Reading and writing students entered the work force (farm or factory) anytime after 14 years old

The Stats Enrolment in Primary and Secondary Schools 19755,3 Million 19654,9 Million Million Million 19352,1 Million 19251,9 Million 19151,5 Million 19051,1 Million Million , , ,000

Higher Education Access to high school was limited in Canada outside of larger towns or cities. University was for the few or elite. –Were small and usually associated with a particular religious group. (Acadia / SMU)

The Select Few UndergraduateGraduate Total 20051,021,520 (3%) ,95440, ,29733, ,2116, ,0364, ,8171, ,5761, ,791 (0.17%)423

Colleges College enrolment in Canada Number 2004/ / / / / ,388605,925611,832626,514605,316

Free Education ???

Is it all that Bad? Recent numbers indicate that all is not bad. –80% of university students who graduated in 2005 are working full time. –Of the class of % of grads finished with no debt 25% of grads paid off their education within 2 years of graduation

Adding up the Numbers One factor in this is the amount of time spent in the workforce. College programs being the shortest means that they will be in the workforce the longest. College (40 years of employment) = $ 1.4 Million Graduate (38 years of employment) = $ 1.71 Million Masters (36 years of employment) =$2.16 Million PhD (29 years of employment) = $1.81 Million *based on entering school at 18 and retirement at 65*

Show me the Money The median annual earnings among those who were working full time in 2007: College graduates = $35,000 Bachelor graduate = $45,000 Masters graduate = $60,000 PhD graduates = $65,000

How much will it cost Debt by education level Doctorates = $22,500 on average Masters = $19,500 on average Bachelors= $20,400 on average College = $11,800 on average –But calculate that with interest 3.5% over 36 months

Doctorates = $22,500 = $28,350 Masters = $19,500 = $24,570 Bachelors= $20,400 = $25,704 College = $11,800 = $14,868