Maritime university graduates continue to say their university education was worth the investment, but some carry much higher debt than others, says a report being released by the Maritime Provinces Higher Education Commission.
"Two Years On: A Survey of Class of 2003 Maritime University Graduates" provides detailed information on graduates' university experience, what they do after completing their degree and the factors that influence their educational and career paths.
"Two years after graduation, Maritime university graduates enjoyed high rates of employment, worked in jobs related to their degree and earned wages at or near the national average for the general population," said Mireille Duguay, chief executive officer of the commission. "This represents a significant achievement since many graduates had only just entered the labour market and can be expected to improve their performance over time."
A graduate's family educational background was a strong predictor of how they paid for their university education. Among graduates who completed their first bachelor's degree in 2003, three-quarters of those whose parents had a high school diploma or less had borrowed for their degree, compared with about half of those whose parents completed a bachelor's degree or above.
Among those who did borrow, graduates whose parents completed a high school diploma or less accumulated larger student-loan debts (an average of $26,000 at graduation -- $7,000 more than the average borrowed by graduates whose parents completed a bachelor's degree or above).
"Although labour-market outcomes did not differ by family educational background, graduates whose parents had the lowest level of educational attainment were more likely to face a significant financial burden after completing their degree,” said Ms. Duguay. "In fact, the gap in actual amount repaid over time is even greater once interest costs are taken into account." Ms. Duguay said despite differences in borrowing, the vast majority of graduates believed the investment was worthwhile.
"Two years after graduation, nine of 10 graduates said their university education was worth the personal investment, and eight of 10 said it was worth the financial investment,” said Ms. Duguay. "Even among those who borrowed, and those who borrowed heavily, the vast majority judged that the financial investment had been worthwhile."
The Class of 2003 graduates were largely original Maritime residents, and two years after graduation most of them still lived in the region. Of those who came from outside the Maritimes, one quarter lived here in 2005. “When counting together the inflow and outflow of Maritime university graduates, the region retains nearly nine of 10,” said Ms. Duguay. This figure remains unchanged when comparing to previous cohorts.
The Maritime Provinces Higher Education Commission was established in 1974 to assist institutions and governments in enhancing a post-secondary learning environment. The commission's 20 members are drawn from the Maritime provinces, and represent higher education institutions, provincial governments and the general public.
The report is available on the Maritime Provinces Higher Education Commission website www.mphec.ca.