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Local college students the focus of RDC study on student debt and financial wellness.

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Student Debt & Financial Wellness

By Jason Engel and Doug MacDormand

A recent poll completed by Ipsos for BDO Canada showed that over three quarters of post-secondary students regret the amount of debt they accumulate while in school.  There is certainly a lot of discussion about the financial burden facing students in post-secondary education, and how financially literate and financially well students are.  With this in mind a group of students at Red Deer College completed a study on student debt and financial wellness.

With debt a concern amongst post-secondary students, it is not surprising to find that the largest portion of their education funding (33%) comes from student loans.  The second largest (23%) comes from parents or family, followed by work (19%).  With debt loads continuing to rise amongst students, this is a source of considerable concern.  Just over half of students reported using student loans.  Of those, over 40% expect to have a student debt load of over $30,000 upon graduation.  70% reported they expect over $20,000 in debt.  A $30,000 student debt would equate to a monthly payment of roughly $375 over ten years, depending upon the interest rate.  Statistics Canada reports that the average student debt in Canada is $26,000, so these expectations would seem to accurately reflect reality.

Where funding comes from: 33% student loans 23% parents / family 19% working

The vast majority (81%) have a credit card.  59% pay it in full every month, which is slightly higher than the overall population.  It is encouraging that students are improving on their parents’ record of financial management.  Of those that have a balance, they tend to be lower, with over 80% having a balance under $2,500.  This would be lower than the general population, though this would likely be restricted by the limits that lenders would allow for students.  Students feel pretty good about their savings habits and credit card management.  Just over half reported that they are good or very good at saving for the future.  Two-thirds reported they are good or very good at managing their credit card.

81% of students have a credit card. 59% of cc holders pay entire balance every month.

Not surprisingly, the vast majority of students work, with only just under one quarter (24%) reporting that they do not.  Just over one half (52%) work part time.  When it comes to transportation, the vast majority (76%) drive to school and work.  The largest segment (41%) lives with parents or family, while the next largest rent (34%).  

Other financial factors: 52% of RDC students have a part time job. 76% drive to school. 41% live at home. 34% rent.

For financial advice, students tend to go to family first, rely on themselves second and the internet third.  This has interesting implications for financial advisors, in particular in light of recent developments around robo advisors.  

The Donald School of Business, Red Deer College strives to bring practical, real world learning experiences to the classroom.  Every year business degree students complete statistical studies on various topics.  These studies are completed for a client, such as a local business or non-profit organization.  This year, one group chose as their topic the financial wellness of students.  

The students that completed the study are Alexander Abuzidan, Malika Khanjer, Jameica Miller, Amanda Tuccaro, Sangita Pandey and Morgan Vandenhoven.  200 Red Deer College students were surveyed during March of 2018. These survey findings are accurate with a 7% margin of error, 19 times in 20.

Red Deer College is a comprehensive community college serving learners in central Alberta with a variety of certificates, diplomas, collaborative degrees, trades, and continuing education.  The Alberta government recently announced that RDC will be pursuing university status.  Jason Engel and Doug MacDormand are instructors in the Donald School of Business, Red Deer College.

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After 15 years as a TV reporter with Global and CBC and as news director of RDTV in Red Deer, Duane set out on his own 2008 as a visual storyteller. During this period, he became fascinated with a burgeoning online world and how it could better serve local communities. This fascination led to Todayville, launched in 2016.

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Education

Trump reportedly considering executive order to shut down Department of Education

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From MXMNews

Quick Hit:

President Trump is reportedly weighing an executive order to significantly reduce the Department of Education’s functions, with the ultimate goal of abolishing the agency altogether. According to the Wall Street Journal, the move would be part of a broader effort to downsize the federal government and return control over education to the states.

Key Details:

  • The proposed executive order would dismantle most of the Department of Education’s operations, though functions mandated by federal law would remain.

  • Trump has consistently criticized the department, pledging during his campaign to eliminate it, stating at a September rally in Wisconsin that he’s “dying” to get back in office to “eliminate the federal Department of Education.”

  • Education Secretary-designate Linda McMahon’s confirmation process may influence the timing of the order, as some officials reportedly prefer waiting until after her Senate hearing to avoid complicating her nomination.

Diving Deeper:

President Trump is considering an executive order aimed at gutting the Department of Education, with plans to push for legislation to abolish the agency entirely, according to a Wall Street Journal report published Monday. The reported discussions within the Trump administration reflect the president’s long-standing campaign promise to reduce the size of the federal government and shift educational authority back to the states.

The potential executive order would target nearly all functions of the Department of Education, though programs explicitly required by statute would remain under its jurisdiction. Other responsibilities might be reassigned to different federal agencies. Importantly, while an executive order could scale back the department’s operations, fully dismantling it would require an act of Congress.

The Wall Street Journal also noted that Elon Musk, serving as the Department of Government Efficiency chief, is involved in plans for significant federal budget cuts, with the Education Department among the primary targets. A White House official told the New York Post that Trump’s administration is committed to “reevaluating the future of the Department of Education” to fulfill his campaign promises.

Throughout his campaign and presidency, Trump has been vocal about his opposition to the department. At a September rally in Wisconsin, he declared, “We will drain the government education swamp and stop the abuse of your taxpayer dollars to indoctrinate America’s youth with all sorts of things that you don’t want to have our youth hearing.” In a December interview with Time magazine, he mentioned plans for at least a “virtual closure” of the department.

Internal discussions reportedly include concerns about the timing of the executive order, particularly regarding Education Secretary-designate Linda McMahon’s Senate confirmation. Some officials fear that announcing such a sweeping move before her hearing could jeopardize her nomination. When Trump nominated McMahon last November, he emphasized her role in shifting education policy back to state control, stating, “We will send Education BACK TO THE STATES, and LINDA will spearhead that effort.”

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Alberta

CBC watchdog accuses outlet of biased coverage of Catholic school trustee opposing LGBT agenda

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Former Red Deer Catholic Regional Schools trustee Monique LaGrange

From LifeSiteNews

By Clare Marie Merkowsky

The rebuke of the CBC comes in response to a September 2023 story the outlet published about Red Deer Catholic Regional Schools trustee Monique LaGrange, whose job was threatened for opposing gender ideology on social media.

The watchdog for the Canadian Broadcasting Corporation has ruled that the state-funded outlet expressed a “blatant lack of balance” in its covering of a Catholic school trustee who opposed the LGBT agenda being foisted on children.

“The article violated the principle of balance outlined in CBC’s Journalistic Standards And Practices,” CBC Ombudswoman Maxime Bertrand wrote, according to a January 29 article by Blacklock’s Reporter.

 

Bertrand added that the CBC’s coverage of the story provided “a perspective that can only be described as one-sided.”  

Bertrand’s rebuke of the CBC comes in response to a September 2023 story the outlet published about Red Deer Catholic Regional Schools trustee Monique LaGrange. LaGrange faced dismissal from her post for sharing to social media an image showing kids in Nazi Germany waving swastika flags during a parade alongside a photo depicting modern-day children waving pro-LGBT “Pride” flags. Under the images read the text, “Brainwashing is brainwashing.”  

After her post went viral, calls for her to step down grew from leftist Alberta politicians and others. This culminated in her removal as director of the Alberta Catholic School Trustees’ Association (ACSTA). It is worth noting that the Catholic Church infallibly condemns the precepts of gender ideology and the pro-LGBT agenda, including homosexual acts and transgenderism. 

In their coverage, the CBC interviewed the school board chair, the provincial minister of education, the Central Alberta Pride Society and president of the Alberta Teachers’ Association, all of whom viewed her post as “repugnant.”  

However, Bertrand pointed out that the CBC failed to interview anyone in support of LaGrange, saying, “Sources offered only criticism of LaGrange with no one from the opposing side to defend her.” 

At the time, Campaign Life Coalition had written extensive articles praising LaGrange’s brave statement and calling on Canadians to support her.  

The CBC’s lack of fairness was not lost on its readers, as ratepayers submitted 31 pages’ worth of emails in support of the trustee, Blacklock’s reported.

Stephanie Coombs, director of journalism at CBC Edmonton, admitted that the network failed in their coverage of the incident, saying, “We could and should have dug deeper to determine what submissions had been made.” 

“I absolutely agree there is valuable key context worth discussing about the challenges many faith-based educational institutions face when reconciling religious doctrine with LGBTQ inclusive policies,” said Coombs. “Ms. LaGrange’s case is not an isolated incident.” 

While the CBC was called out in this case, there have been multiple instances of the outlet pushing what appears to be ideological content, including the creation of pro-LGBT material for kids, tacitly endorsing the gender mutilation of children, promoting euthanasia, and even seeming to justify the burning of mostly Catholic churches throughout the country. 

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