Students applying to Ontario universities in record numbers while student debt peaks

It appears that in light of an economic downturn, more students are choosing university as their path of choice.
According to the Council of Ontario Universities, 84,300 university applications were received by its application centre - the highest number it has seen since the double cohort year of 2003.
These record numbers reflect a steady increase in Ontario high school students choosing Ontario universities in recent years, something that has not occurred in other provinces.
"People increasingly see the importance of a university degree to building a successful career, particularly when economic conditions are challenging," said Dr. Peter George, Chair of the Council of Ontario Universities and President of McMaster University.
It is not just high school students applying at high levels, but also non-secondary school applicants, who include former high school students, mature, transfer and out-of-province students. This category of applicants increased their applications by 9.9 per cent to 21,128.
About 3,500 of these applications, according to the Council for Ontario Universities, were from high school students who have taken a year off before moving on to post-secondary education.
This has become a trend since the elimination of grade 13 in 2003.
In a press release, Dr. Paul Genest, President and CEO of the Council, commented on the relation between the current economic situation, and the rise in university applications.
"Applicants know that this is a good time to attend university and get that degree, or to upgrade their skills," he said. "Universities are committed to ensuring that students have access to a great learning environment that will expand a student's vision, hone their critical thinking and allow them to have meaningful careers."
Though the numbers are positive for Ontario's schools, it is coupled with the news that Canada's student loan debt surpassed the $13 billion mark for the first time in the nation's history on Jan.21.
"The students and families who can least afford to pay for post-secondary education are carrying a $13 billion burden," said Katherine Giroux-Bougard, National Chairperson of the Canadian Federation of Students in a press release.
Although many consider attendance at university an investment, even in a time of economic instability, there is still a great deal of concern for the effect the burden of student debt will have in the near future.
"Saddling a generation of students with billions in debt will have far-reaching implications for Canada's economy and socio-economic inequality," said Giroux-Bougard.
The Canadian Federation of Students reported that the $13 billion did not include approximately $5 billion in provincial student loan debt or personal debt.
They also state that the total owed to the Government of Canada increases by $1.2 million per day, and that for the 2008-09 school year, almost 360,000 students required loans from the federal government.