Meeting the Challenge: How Diploma, Associate Degree, and Certificate Students Paid for Their Studies. Information Paper

Information from the BC Diploma, Associate Degree, and Certificate Student Outcomes (DACSO) Survey can be used to look at the impact of increasing post-secondary education costs on student borrowing and the use of other funding sources. For many years, the DACSO Survey has been asking former students about how they paid for their studies: what sources of funding they used, whether they borrowed, and how much they borrowed. The information for this paper came from the DACSO Survey, from the years 2003, 2006, 2009, 2012, and 2015. Some financial information was collected every year; however, every third year a more extensive set of questions was asked. Respondents were asked what sources of funding they used and if they borrowed for the program they just finished. There are a number of sources of funding that help students pay for their education, and the former students surveyed chose the two sources most important to them. The most important sources of funding have been consistent, with the exception of government student loans. They have declined as an important source, although remain among the top four sources reported. Personal savings, employment while studying, and support from family and friends were also among the most important sources of funding. In spite of some slight indication that more support is needed, it appears that most respondents were able to finance their education without borrowing at all or by borrowing moderate amounts. Over the last dozen years, those who borrowed relied less on the government student loan program as loans from other sources became more readily available. Regardless of the source, the amounts have increased, allowing borrowers to cover increased costs due to inflation. [The BC Student Outcomes surveys are conducted with funding from the Ministry of Advanced Education, the participating British Columbia post-secondary institutions, and the Industry Training Authority.]