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Word Count: 325
With the Canadian society moving towards making a post-secondary education mandatory in acquiring a decent job the continuously rising cost of a post-secondary education is slowly but surely damaging the economy There are three main ways in which the rising tuition rate is detrimental to the Canadian economy Firstly it causes students who pursue a higher education to finish their education with a large sum of debt which creates a continuous cycle of debt within society Secondly it spreads fear throughout mid to low income households within the country who are afraid of accumulating a seemingly insurmountable amount of debt and lastly it forces those who do graduate to become occupied solely on repaying their debt to the government that they do not participate financially politically and socially in their communities as much as they would have had they been debt free With that being said university fees in Canada seem to be sky rocketing each and every year The cost of an undergraduate education in Canada rose once again during the academic year of 2012-2013 by an astonishing margin that surpasses the previous inflation rate of 43 The new inflation rate of five percent is a substantial increase considering the already high cost of tuition According to Statistics Canada the average undergraduate program cost for the 2012-2013 scholastic year is an astounding 5581 which is an increase of approximately 300 dollars from last years tuition fee of 5313 Undergraduate tuition fees have increased in all provinces except for one province Newfoundland where the tuition fees have been frozen at 2649 since 2003-2004 The continuously rising cost of a post-secondary education is slowly but surely damaging the economy While most students receive a degree that will better their careers they will also accumulate a large sum of debts along the way which starts them off in an even worse financial situation than they were in prior to their pursuit for knowledge In the
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