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Report Finds Lack of Financial Aid Literacy among Students

The third and final Canadian Student Survey report was released by the Canadian Alliance of Student Associations. The survey and report, which were conducted, administered and analyzed by The Canadian Education Project explored financial aid literacy among Canadian university students. Canada has a complicated student loan system, and these loans are allocated to students, individuals with the least amount of experience with consumer loans. The research explored this “perfect storm” for illiteracy and loan defaults and found that:

  • Students were very poorly informed about the details of the government financial aid system.
  • A large number of students were unaware of aid that might be available to them.
  • Many students who had loans did not know the basic details about repayment.
  • Sources of financial aid information impacted student knowledge.

The complete report is available online here.

For other recent reports including the 2007, 2008, and 2009 budget commentaries please see our Publications page.