On a bright September day, Rose Landry enjoys her lunch on a campus rock under the shade. A third-year student at Saint Mary’s University in Halifax, Rose shares that her limited outings off-campus are due to financial constraints. She expresses her singular focus on academics and finances, as her scholarship covers a significant portion of her annual tuition, which she must maintain by sustaining her grades.
For Rose and many other post-secondary students, financial concerns dictate their academic journey. Rising tuition costs, unemployment rates, escalating rent prices, and overall inflation add to the pressure faced by today’s students. The question arises: are current students facing greater challenges compared to past generations in balancing education with financial stability?
Tuition fees in Canada have seen a steady increase, with the average undergraduate cost reaching an all-time high of $7,734 for the 2025-26 academic year. Provinces like Nova Scotia surpass this average, with students there paying around $9,988 annually. Factors contributing to the tuition surge include reduced government funding for universities, forcing institutions to rely more on tuition fees.
To offset education costs, students often turn to a mix of employment and student loans. However, landing a job is not as straightforward as before, as highlighted by Matt Cromwell’s experience of facing numerous rejections before securing part-time work. The overall employment rate for young Canadians remains low, creating additional financial strain for students.
While some students manage to cover tuition through summer and part-time work, the remaining expenses, especially housing, pose a significant challenge. Rental prices, particularly in cities like Halifax, add to the financial burden. The need to find affordable accommodation leads students like Cromwell to share living spaces to split costs.
Student debt remains a prevalent issue, with a growing number of graduates burdened by substantial loans. Statistics show an increase in the percentage of students graduating with high debts, highlighting the financial challenges faced by many young adults. Despite various financial aid options such as grants and interest-free loans, the overall cost of education continues to strain students’ finances.
Experts acknowledge the difficulties faced by today’s students, emphasizing the need for government intervention to address affordability issues in post-secondary education and housing. While comparisons across generations show varying challenges, the consensus is that current students encounter significant financial hurdles in pursuing higher education.
In conclusion, the financial landscape for post-secondary students remains challenging, with rising costs and limited income sources making it difficult to achieve financial stability while pursuing education. Addressing these issues requires a comprehensive approach to support students in managing their academic and financial responsibilities effectively.