How parents, students are financing PSE

August 16, 2010

According to the TD Canada Trust Education and Finances Survey, while 87% of Canadian parents surveyed say they plan to pay all or a portion of their child's PSE, 26% say they have yet to start saving, and another 15% have no idea how they will pay for it. 10% reported that they plan to use either credit cards or their line of credit to pay for their child's education. Half of PSE students surveyed are working this summer to help pay for school, and two-thirds of those say they will not earn enough money to cover their expenses. 44% of respondents reported relying on student loans or lines of credit and 27% on RESPs to help them through school. Two-thirds of students expect to be in debt when they graduate, with 30% projecting they will owe at least $15,000. TD Canada Trust News Release