High tuition costs hitting Ontario families hard

As Ontarians get ready to go back to school, a new study is revealing just how expensive it is to attend university in the province.

According to the Canadian Centre for Policy Alternatives, after taxes, it would take the average middle-income family in Ontario nearly 200 days to pay off tuition costs for a four-year college degree if they devoted all of their earnings to the bill. In 1990, it took 87 days.

"Ontario families are being forced to play priority roulette," said Erika Shaker, director of the CCPA Education Project. "The trifecta of stagnant incomes, household debt, and rising tuition fees means that families are having to make difficult choices around the kitchen table about what to prioritize. This hits lower- and middle-income families especially hard."

The Ontario Confederation of University Faculty Associations expressed similar sentiments, urging policymakers to pass a public funding measure that would help lower costs.

In order to afford college, parents and young adults often have to apply for a loan from a lender. Having good credit, by regularly using and paying off credit cards and having few debt obligations, may help in the process. With it, borrowers may be eligible to get a low interest rate which can help them pay off the amount borrowed sooner.