A lot has been said about the global recession and the harrowing effects that it has had on the Canadian population both business owners and consumers alike. The financial crisis affecting the nation, however, has perhaps had a more adverse effect on students moreso than anyone else.
Students across Canada, of course, tend to find themselves summer jobs in an effort to pay for their tuition once the school year begins in September. As a result of the struggling economy, statistics have been showing that the majority of students who would regularly be working during the summer months are currently unemployed.
The unemployment rate in Canada, as has been followed closely by the Synergy Merchant Services Blog, is reaching highs it hasn't seen in a very long time. Not surprisingly, the students victimized by this fact are looking towards attaining financial aid in order to be able to afford their upcoming school fees.
Ciara Byrne of The Canadian Press reports today that “the number of requests for student financial aid is on the rise in Ontario after a dismal economic year for young people, and university officials say it could be just the start of a flood of applicants that will wash over universities this fall.”
Byrne notes that Ontario's rise in financial assistance requests has also come due to the job losses that many parents have suffered in 2009. Unfortunately, there are more families with lower incomes this year than last.
Says David Sidebottom, manager of financial aid services, admissions and awards at the University of Toronto, “Parents' incomes have taken a hit in some cases (and) students have been having trouble finding full-time jobs going the whole summer.”
According to Byrne's report, The University of Toronto has noticed a 12 per cent increase in financial aid applications so far this year. “Ontario Student Assistance Program applications are up 5.7 per cent this year for colleges and 4.6 per cent for universities,” she writes, “Last week's job report also painted a bleak picture for young people, showing a record student unemployment rate of 21 per cent in July.”
Sadly, it looks as if this tough summer will be providing students with an even tougher forthcoming school season.