|By PR Newswire||
|August 18, 2014 04:00 AM EDT||
Most students expect to be debt free within five years although as many as four in 10 will graduate with more than $25,000 in debt
TORONTO, Aug. 18, 2014 /CNW/ - A new CIBC (TSX: CM) (NYSE: CM) poll conducted by Leger finds that half of Canadian college and university students (51 per cent) must borrow to pay for their education. Most students are optimistic that they will repay their debt within five years, yet the majority of them said they expect to graduate with debt loads of more than $10,000. Further, four in 10 expect to owe over $25,000 by the time they graduate.
Key findings of the poll include:
- 51 per cent of Canadian post-secondary students have or will need to borrow money to pay for their education, including tuition, books and living expenses
- By the time they complete their education, 73 per cent of students expect to owe more than $10,000
- 40 per cent expect to have more than $25,000 in student debt
- Two-thirds (66 per cent) expect to pay back their debt in five years or less
"It's not surprising that many students need to borrow money to cover the cost of post-secondary education, particularly those living away from home or studying a specialized program," says Christina Kramer, Executive Vice President, Retail and Business Banking, CIBC. "It's important for them to take the time to review their finances and build a manageable debt repayment plan so that they won't feel so financially stressed in school and can better manage debt once they've graduated."
Have a realistic plan to reduce and repay debt
Most students (66 per cent) believe they can pay back their debt in five years or less, with nearly a quarter (23 per cent) of them being far more optimistic -- expecting it will take only two years or less to pay off their student loans. Just 34 per cent said they believe it will take them more than six years to wipe the slate clean.
"While their intentions are admirable, they may not be realistic," says Ms. Kramer. "As students graduate and look to start their careers, they will likely be moving out on their own, saving for a car or a down payment on a home, or even starting a family. That's why it's important for students to manage the amount of debt they take on, develop a budget that helps them carefully manage their spending while in school, and have a plan to pay off debt once they graduate."
A CIBC poll, released earlier this month, found that the majority of students (73 per cent) with summer jobs won't make enough money to pay for their college or university costs and will need to work during the school year to support their school expenses. Most of them (53 per cent) working this summer expect to earn between $1,001 and $5,000, with about one quarter (26 per cent) expecting to earn between $5,001 and $10,000.
Advice to help manage education costs and reduce debt:
Talk to an Advisor - Making debt reduction a focus of conversation with an advisor can help
students understand their overall financial picture and put realistic
steps in place to reduce interest costs and accelerate debt repayment.
Create a budget - Having a financial plan in place can help students make the most of
their resources, while in school and after graduation. Talk to an
advisor or use the CIBC online Budget Calculator to get a clear picture
of all your expenses, and how much you have to spend.
Track spending - Use the CIBC Mobile Banking App to follow account transactions and
balances in real time. Services such as CIBC CreditSmart® can help
students stick to their budget, by allowing them to set a budget limit
on each spending category on their credit card, and be notified by
phone, email or online message when they exceed their customized
- Stick to your plan - Once you have a plan in place, stick to it. If you fall off track, get back to your budget as soon as possible to keep your expenses in check.
KEY POLL FINDINGS - NATIONAL
How much college and university students who are borrowing money expect they will owe by the time they complete their education:
|$10,000 or less||26%|
|Between $10,001 and $25,000||33%|
|Between $25,001 and $50,000||27%|
|Between $50,001 and $75,000||6%|
|More than $75,000||7%|
How long college and university students who are borrowing money think it will take to pay back all the money they borrowed:
|2 years or less||23%|
|Between 3 and 5 years||43%|
|Between 6 and 10 years||23%|
|More than 10 years||11%|
Results are based on a CIBC poll conducted online by Leger, which surveyed 500 Canadian university or college students. The associated margin of error for a probabilistic sample of the same size is +/-4.38%, 19 times out of 20. Polling was conducted between July 10 and 17, 2014.
CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 30, 2016 01:00 PM EDT Reads: 1,850
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 30, 2016 01:00 PM EDT Reads: 2,114
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 30, 2016 12:00 PM EDT Reads: 1,340
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 30, 2016 11:30 AM EDT Reads: 1,374
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Jul. 30, 2016 11:00 AM EDT Reads: 529
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Jul. 30, 2016 11:00 AM EDT Reads: 621
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 30, 2016 10:45 AM EDT Reads: 1,063
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Jul. 30, 2016 10:15 AM EDT Reads: 1,038
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 30, 2016 10:15 AM EDT Reads: 1,507
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Jul. 30, 2016 10:00 AM EDT Reads: 521
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jul. 30, 2016 10:00 AM EDT Reads: 2,177
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Jul. 30, 2016 09:45 AM EDT Reads: 516
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Jul. 30, 2016 09:30 AM EDT Reads: 823
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Jul. 30, 2016 09:30 AM EDT Reads: 807
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 30, 2016 09:15 AM EDT Reads: 1,654