Need a source? - Education savings provider available to comment on how students fund their education28 April 2006
More than three quarters (79 per cent) of students used some personal savings such as trust funds, Registered Education Savings Plans (RESPs), Registered Retirement Savings Plans (RRSPs) or savings bonds and savings from employment prior to starting post-secondary education to finance their postsecondary education. One quarter of students reported that their own personal savings was their most important source of funding, according to Statistics Canada and Human Resources and Social Development Canada.
The study, How Students Fund their Postsecondary Education: Findings from the Postsecondary Education Participation Survey shows that most students relied on more than one type of funding. Twenty-six per cent of students were compelled to use some type of loan to fund their education.
"Students have a lot on their plate as they pursue a post-secondary education and parents cannot rely on any one source of funding," said Peter Lewis, Vice President, Canadian Scholarship Trust Foundation. "Parents need to start thinking early about investing in their children's post-secondary education to support them while they study and help reduce the amount of debt incurred."
Peter is available discuss the importance of starting to save early for a child's post-secondary education, how to prepare for the rising costs of tuition and reducing student debt upon graduation.
The Canadian Scholarship Trust Foundation, founded in 1960, is the oldest and largest provider of group RESPs in Canada, with $2 billion in assets under administration. Its mission is to promote the benefits of higher education and improve access by reducing financial barriers.
For further information: To arrange an interview with Peter Lewis, please contact: Myra Reisler, Gillian McArdle, T: (416) 504-8464, Myra@mediaprofile.com, Gillian@mediaprofile.com
Source: newswire
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