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CMSF-Berger, Motte, & Parkin, 2007-The Price of Knowledge 2006-2007

CMSF-Berger, Motte, & Parkin, 2007-The Price of Knowledge 2006-2007

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Published by Melonie A. Fullick
Third Edition;
Millennium Scholarship Foundation
Third Edition;
Millennium Scholarship Foundation

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Published by: Melonie A. Fullick on Sep 04, 2011
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09/05/2011

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All full-time students

College

University

Dependent,at home

Dependent,away
from home

Independent (single
with no children)

$15,200

$11,800

$16,800

$10,900

$17,400

$15,100

Average
Expenditures

$14,600

$11,400

$16,100

$9,700

$17,400

$19,500

Average
Income

Figure 3.IV.1 — Total Income, Expense and Balance Over the Year (Before Borrowing)

Total income
Total expenditure
Balance

BaselineSeptemberOctoberNovemberDecemberJanuaryFebruary

March

-$1,600

-$1,200

-$800

-$400

$0

$400

$800

$1,200

$1,600

$2,000

$2,400

$2,800

$3,200

$3,600

Table 3.IV.1 —Average Expenditures and Costs 2003–04

Source: Canadian Post-Secondary Student Financial Survey 2003–04.

Source: Canadian Post-Secondary Student Financial Survey 2003–04.

75

monthly balance over the year, both before and after

borrowing. As discussed in EKOS (2006), before

borrowing is taken into account, students face a

number of pressure points during the year when

need exceeds resources. This is particularly true in

September and January, typically times when tuition

for the term must be paid. Once borrowing is taken

into account, students’ situations look better, as they

manage to achieve a small surplus in some months.

This underlines the importance of student financial

assistance in enabling students to cover their costs.

The figures also highlight the irregular income

and expenditure flows that students face. One diffi-

culty of student budgeting is managing money

wisely to make it last until the end of the term or

the year. At the start of the year, students will have

a large sum of money on hand to cover different

costs. However, these costs are spread irregularly

through the year, with spikes in spending in

September and January to cover fall and winter

tuition. Understandably, given these patterns, it can

be difficult for students to budget accurately.

THE PRICE OF KNOWLEDGE : ACCESS AND STUDENT FINANCE IN CANADA

76

Do students have a good picture of what their

studies will cost them? Do their expectations of the

amounts they will receive to cover costs match the

reality? Data seem to indicate that even once they

are pursuing post-secondary education, students

have difficulty forecasting their financial bottom

line. At the beginning of the year, for instance,

students taking part in the Canadian Post-

Secondary Student Financial Survey 2003–04

stated that the amounts they thought they would

receive were less than what they had expected

prior to starting the year.

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