Many Canadian parents pay a hefty portion of students’ tuition fees, even if it means sacrificing their financial stability, to help their children avoid a post-graduation life burdened by tens of thousands of dollars of student debt.
Ross Campbell, a 56-year-old financial planner, and his wife knew they wanted to help their two daughters graduate university without the girls owing a cent.
“That was sort of a focus of ours,” Campbell explains, “because we hear a lot of the horror stories that some students have $40,000, $50,000 in debt.” Read More…
The most my parent ever came close to carrying any of my debt was like never. I guess i have lousy parents?
This is what RESPs are for. Most Canadians don’t evne know what it stands for, let alone, actually making use of tit for their children’s education. Education is the problem.
This is why so many kids don’t look to investing early on because they are so stacked with debt. My parents were also gracious enough to take on my debt but little good that did since i ended up with a degree in history, and still unemployed 🙁
What baffles me is when you look at these students they are putting on more debt for unnecessaries like residency (not living at home), and partying. I am guessing one could reduce debt by at least $5,000 if you were to look into it earnestly. People just naturally like to waste money.
My parents paid my debt and they too had to delay their retirement a few years. I think what helped though was that they were saivng by tiny amounts since i was a baby and so when it did come time to help me out it did work out, but due to inflation they had to dip into their own savings to cover the missing difference.
Graduating with a degree is overrated.
Most people end up still looking for work and finding that their degree didn’t make it any easier.
The real winners in all this are these businesses we call Universities. real shame.