Lethbridge post-secondary schools trying to help students feeling the financial pinch

A woman looks stressed out while sitting in front of a computer. (energepic.com/Pexels)

LETHBRIDGE, ALTA. -

Lethbridge post-secondary schools are trying to help out students feeling the financial pinch, as a new survey reveals a quarter of Canadian students have thought about dropping out due to increasing costs.

Education savings and planning company Embark released a survey of more than 1,000 Canadian post-secondary students asking how they were dealing with rising costs.

Results showed that 26 per cent of students have considered leaving school.

“It is a tough time for students right now. They're feeling a little overwhelmed with the financial obligations as it relates to post-secondary education,” said Krista Vriend, the vice president of marketing and communications for Embark.

The University of Lethbridge (U of L) says it’s had to get creative to find the best ways to help support its students.

“We're always looking to create new bursaries, scholarships and awards. New opportunities are being announced every day,” said Kathleen Massey, the U of L’s vice provost (students).

The Lethbridge Polytechnic Students Association (LPSA) is also doing what it can to help.

“We definitely try to assist these students in whichever way we can. In terms of food, the association provides food pantries for students and we have an on-campus food bank of sorts where we try to help a student with a hamper of food each month,” said Noel Cole, LPSA vice president of operations and finance.

According to Embark, 44 per cent of students are spending three-quarters of their income on education expenses.

The best advice, Vriend says, is to start saving for school through an RESP as early as possible.

“RESPs are super important to really help your family or kids be successful as they go to post-secondary. Even a little bit, $25 a month if that's all you can manage still really adds up and gets those government grants for you,” said Vriend.

Both the U of L and Lethbridge Polytechnic are also offering emergency bursaries. The bursary is intended for students struggling with an unforeseen financial burden.

The Embark survey was conducted by Leger between June 26 and July 27. The sample included 1,010 students, aged 17-26, who attend university, college or technical college.

The sample carries a margin of error of +/- 3.1 per cent, 19 times out of 20.