REPEAT-2013 BMO Student Survey: Canadian Students Relying Less on Family to Finance Higher Education
- Students expect to graduate with $26,297 in debt and predict it will take 6.4 years to pay it off - More than half of students use loans to finance their post-secondary education
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/13/13 -- According to the 2013 BMO Student Survey, Canadian students expect, on average, to graduate with $26,297 in debt and expect to pay it off in 6.4 years. Furthermore, the survey showed that students are relying less on their parents to finance their education.
According to the Canada Student Loan Program, most students take nearly 10 years to pay off their loans - with some taking the maximum 14.5 years.
The annual survey, conducted by Pollara, also revealed:
"It's prudent to think about your repayment plan before you graduate, as it can be easy to underestimate the amount of debt you will accumulate or how long it will take to pay it off," said Janet Peddigrew, Vice President, BMO Bank of Montreal. "Consider sitting down with a financial professional who can help assess your current debt situation, provide you with a clear understanding of how it affects your overall financial picture and help you start building a detailed plan for paying it off after graduation."
Feeling the Pinch
The survey ranked the top sources of stress among post-secondary students:
BMO offers the following tips to help make student life more affordable:
Take advantage of "student status": Seek out discounts and promotions available to students. For instance, the provides discounts at hundreds of retailers and restaurants across Canada and offers a choice of CashBack or AIR MILES reward miles.
Minimize banking fees: Take the time to do research and learn ways to save money and cut costs on banking fees, such as choosing a no-fee bank plan. BMO offers students and is the only bank to extend this offer for an additional year after graduation.
Limit interest costs: Consider using a lower-rate option to help cover expenses during school. The , for example, charges interest only on what is actually borrowed and allows students to make interest-only payments while in school and up to one year following graduation.
The 2013 BMO Student Survey was conducted by Pollara. Survey results cited in this report are from online interviews with a sample of 602 students enrolled at a post-secondary institution this fall, conducted between July 19 and 26, 2013. As a guideline, a probability sample of this size would yield results accurate to +/- 4.0 per cent, 19 times out of 20.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
Contacts:
Media Contacts:
Jessica Park, Toronto
(416) 867-3996
Ronald Monet, Montreal
(514) 877-1873
Laurie Grant, Vancouver
(604) 665-7596
Internet:
Twitter: (at)BMOmedia
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Datum: 13.08.2013 - 12:00 Uhr
Sprache: Deutsch
News-ID 287110
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Town:
TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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