SFU is improving options for students seeking financial aid in response to rising tuition costs nationwide.
The Canadian Federation of Studies recently announced that post-secondary tuition costs in BC have increased twofold compared to 10 years ago.
According to the Canadian Centre for Policy Alternatives, the average university tuition in BC is expected to rise to $6,111 by the 2017/2018 school year.
SFU is not exempt from these tuition hikes. According to Tim Rahilly, associate vice-president, students, “We have had a two per cent increase, which is the cap for domestic students.”
When asked what SFU students can do to acquire more financial support, he mentioned several options, such as bursaries, open scholarships, and major entrance awards. “All the various provincial loan programs are certainly available to SFU students if they’re full time and if they qualify,” said Rahilly.
Manoj Bhakthan, director of Financial Aid and Awards at SFU, explained that there are increasing options for SFU students to obtain financial assistance. “SFU’s institutional budget for scholarships, awards, and bursaries has been moving up,” he said. He reported that the budget is currently a little over $11 million annually.
Along with this, he said that there has been an increase in the number of privately funded and endowed scholarships and bursaries.
For international students at SFU, the situation is more complex. As Rahilly explained, “During each of the last three years, we have had an increase for international students of an additional eight per cent per year.” He emphasized that the tuition increase for international students, “follows after several years of not having tuition increased, even though [SFU] had increased domestic tuition for several years.”
When asked about scholarships and financial aid for international students, Bhakthan replied, “International students are eligible for most scholarships, awards, work-study, and bursaries administered through SFU. [However], international students are not eligible for Canadian government student loans and grants.”
According to Bhakthan, the number of domestic and international students who received bursary funding at SFU in 2012/2013 academic year totalled about 3,800.
The Department of Financial Aid and Awards is advocating for further funding on an annual basis. “For example, over the past three years, [the department] received additional funding from the university to further support our Aboriginal students,” Bhakthan said.
He also spoke about a campaign called the Power of Engagement, though which SFU hopes to reach its fundraising goal of $250 million dollars by September 2015. Of these funds, $100 million would be delegated to financial aid for students.
Nevertheless, only a portion of students’ tuition is covered by existing financial aid. Rahilly held that there are many students who rely on their families for financial support, which can have a major impact on all areas of the population.
When families are resposible for a portion or the entirety of their child’s tuition, it can result in them having to divert their resources from other potential investments.
Jessica McCormick, national chairperson of the Canadian Federation of Students, explained, “The increase of tuition limits the ability for lower-middle class families to contribute to the economy and save for retirement.”
Bhakthan encouraged all students to apply for support from the school: “Don’t feel bad even if you don’t get something [. . .] Always apply each semester. It’s very important that students think about it and apply for it as soon as possible.”
