Education ought to be more financially equitable

As financial barriers to higher education limit key opportunities, it's important to reflect on what can be done to create a fairer system

By: Dawn McKee, Opinion Contributor

Education is often seen as the gateway to opportunity—a way for individuals to improve their circumstances and contribute to society in a meaningful way. However, for many, the cost of higher education presents a major obstacle, making access difficult due to circumstances largely out of their control.

If we want everyone to have the same equality of opportunity, it is clear that something must change to make education more economically accessible and less financially stressful. But what solution should we strive for? Should tuition be free, or should student loans be fully federalized?

In the current system, students from low- and middle-income families often find themselves at a disadvantage. High tuition costs and reliance on private loans—or even government programs like OSAP, which are available but still require students to take on debt—can be stressful and may discourage some from pursuing post-secondary education. Some students also work multiple jobs while at university to afford tuition and living costs each semester, further adding to the challenge of balancing academics and finances.

Meanwhile, students from wealthier families who can pay for their tuition pursue higher education without the same financial worries. This creates an unfair system where a person’s access to education—and therefore their prospects—depends, to some degree, on their socioeconomic background rather than their abilities or ambitions.

One solution is to make tuition free and covered by a government fund. This would remove financial barriers entirely for domestic students, allowing all students within the country, regardless of income, to pursue higher education. In most cases, however, international students would still be required to pay tuition, though potentially at a reduced rate. Countries like Germany and Sweden have already adopted this model and seen positive results, including increased enrollment and reduced inequality in access to education.

Beyond benefiting individual students, this approach could strengthen the country as a whole by creating an increasingly educated workforce, driving economic growth and reducing dependence on social welfare programs in the long term. When higher education is accessible, more people can contribute meaningfully to society and earn more for themselves, leading to greater innovation, productivity and overall stability.

Some argue that free tuition could lead to overcrowded schools and higher taxes, but these challenges can be addressed through careful planning and resource management within the higher education system.

Another option is to federalize student loans. Under this system, the government would handle all loans, offering lower interest rates and more flexible payment plans based on income.

Currently, in Canada, student loans are split between federal and provincial programs, leading to inconsistencies in interest rates, repayment terms and eligibility for assistance. Some provinces have eliminated interest on loans, while others still charge it, creating an uneven playing field for borrowers depending on where they live.

A fully federalized system would standardize these conditions, ensuring that all students, regardless of their province or their parents' income, have access to the same repayment benefits and financial assistance. It could also reduce or eliminate the need for private loans, which often have higher interest rates and stricter repayment conditions.

By making student loans more accessible, manageable and equitable, federalization could reduce financial stress and allow students to focus on their studies and careers. While this option doesn’t eliminate tuition costs, it would significantly reduce and equalize the financial burden on students, making education more affordable in the long run.

Both approaches have their strengths, but they share a common goal: ensuring that every individual has an equal opportunity to succeed, regardless of their family's financial background. For both individual students and society as a whole, access to education should not be determined by pre-existing economic circumstances beyond students' control.