The Loonie, The Dollar, and What They Both Mean for U (if you're university-bound)
Big news from last week around something called "parity" -- which has nothing to do with going to college and EVERYTHING to do with going to college.
Fact: for the first time in 31 years, the Canadian Dollar and the US Dollar are equal. One of one buys one of the other.
Without getting into the vagaries of currency trading and all, here's a quick primer on why this impacts you, as well as some odds on who gets impacted the most.
Parents of Canadian High School Students:
Your dollar will now go further than it has in quite some time. The US$40,000-a-year tuition bill is going to be, well, C$40,000. Duh, I know, but think about just five years ago, when that US$40,000 tuition bill was $60,000.
Odds of an influx of students crossing the border due to the exchange rate: 1 to 1 on an increase of 10% per year over the next 2 years.
Parents of American High School Students:
Your dollar lacks the spending power it once did, but don't worry if your student wants to go to a competitive university North of the Border. Canadian Universities are still a bargain when compared with US Universities. Scholarships are out there.
Odds of a really negative impact on the "Canadian Ivies" -- U Toronto, UBC, Western Ontario, McGill -- 5 to 1.
Up-and-coming Universities in the USA:
Go get 'em! We've long been fans of the Canadian Secondary Education system. Numbers are in your favor.
Odds of the spillover to other schools -- say, the ones that aren't YET household names: 5 to 2.
Up-and-coming Universities in Canada:
This is all about storytelling for them...see the item above about the Canadian Ivies and the fact that a top-quality education is STILL a tremendous value when compared to a lot of schools in the USA.
BUT -- and this is something that Canada realized a long time ago...there's a big world out there and they need to recruit all sorts of places.
Like India, China, Australia...the list could go on.
Odds of increase in US students for schools like Brock University, Thompson Rivers University, UOIT, etc.: 7 to 1.
Fact: for the first time in 31 years, the Canadian Dollar and the US Dollar are equal. One of one buys one of the other.
Without getting into the vagaries of currency trading and all, here's a quick primer on why this impacts you, as well as some odds on who gets impacted the most.
Parents of Canadian High School Students:
Your dollar will now go further than it has in quite some time. The US$40,000-a-year tuition bill is going to be, well, C$40,000. Duh, I know, but think about just five years ago, when that US$40,000 tuition bill was $60,000.
Odds of an influx of students crossing the border due to the exchange rate: 1 to 1 on an increase of 10% per year over the next 2 years.
Parents of American High School Students:
Your dollar lacks the spending power it once did, but don't worry if your student wants to go to a competitive university North of the Border. Canadian Universities are still a bargain when compared with US Universities. Scholarships are out there.
Odds of a really negative impact on the "Canadian Ivies" -- U Toronto, UBC, Western Ontario, McGill -- 5 to 1.
Up-and-coming Universities in the USA:
Go get 'em! We've long been fans of the Canadian Secondary Education system. Numbers are in your favor.
Odds of the spillover to other schools -- say, the ones that aren't YET household names: 5 to 2.
Up-and-coming Universities in Canada:
This is all about storytelling for them...see the item above about the Canadian Ivies and the fact that a top-quality education is STILL a tremendous value when compared to a lot of schools in the USA.
BUT -- and this is something that Canada realized a long time ago...there's a big world out there and they need to recruit all sorts of places.
Like India, China, Australia...the list could go on.
Odds of increase in US students for schools like Brock University, Thompson Rivers University, UOIT, etc.: 7 to 1.
Labels: Brock University, Canada, Canadian Dollar, Canadian Ivies, college admissions, exchange rates, McGill, university admissions, US Dollar
posted by Dave Van de Walle at
9:46 AM
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