This post is part of a week-long series.
The Restricted Access movement is concerned not only with those qualified students who, for financial reasons, cannot make it to university, but also with those who are forced to abandon their studies due to their financial burdens. This Research Note begins:
There is convincing empirical evidence that qualified students can be driven to abandon post-secondary education if their debt load is too high. This inevitably has an impact on the country’s ability to compete effectively in a knowledge-based global marketplace.There is an explicit need, this Note determines, for student aid to combat the barriers to access and persistence.
So does debt really matter? Millennium couldn't be more clear on this, indicating that as student debt loads increase, both course loads and completion rates decrease. "In short, debt matters."
The second question is regarding the effect of student aid. Again, the evidence is clear: those who receive grants on top of their student loans are five times more likely to complete their degree than those who rely solely on loans.
It is demonstrated that as well as grants, loan remission works, and for one simple reason: it lowers debt. However, we must first ensure that unmet need is met, as students must be able to meet their cost of living before worrying about their debt load. So although debt certainly matters, "unmet need matters more," indicating that there are even some basic needs we still need to meet.
And it is in our interest to meet them.
Canadians have a significant long-term economic stake in ensuring that every qualified student can pursue a higher education without risking financial jeopardy. Consequently, it is vital that policymakers be aware of the need to ensure that student aid adequately meets the needs of students,but also that it is generous enough to ensure that debt does not drive students to abandon post-secondary studies.You can read the Note here. Continue reading...
