Beginning in 2012, the new Saskatchewan Advantage Scholarship will provide every new Saskatchewan high school graduate with up to $2,000 which can be applied to reduce tuition fees at any Saskatchewan post-secondary institution or any recognized training course in the province. The student can use the scholarship to reduce his or her tuition cost by as much as $500 in any single year.
The Saskatchewan Advantage Grant for Education Savings builds on the popular Registered Education Savings Plan (RESP) program. To assist parents with saving for their children's education, a re-elected Saskatchewan Party government will match 10 per cent of contributions to a child's RESP account, to a maximum of $250 each year. That's on top of the 20 per cent grant already provided by the federal government.
Now this is terrific...for parents who can actually save for the child's schooling. Which happens to be less every year. What this will do is push the cost of education even higher. And because the majority of students need student loans to access higher education, student debt will get pushed up higher. I wouldn't be surprised to see tuition increase by $500, wiping out the scholarship money.
This is how Education costs have spiralled out of control over the last 30 years at the U of S.
In 1980, a full year of arts and science cost $655.00
In 1990, a full year of arts and science cost $1344.00
In 2010, a full year of arts and science cost $4900.00
That is an increase of almost 650%. To put that into perspective, housing inflation since 1980 has increased by 350%, while inflation has increased just over 150%.
This chart shows tuition fees across Canada versus inflation between 1990 and 2005.