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Post-secondary students expect heavy debt load
TORONTO -- Most college and university students who take out loans to pay for their studies expect to graduate with more than $20,000 of debt, a new study suggests.
The BMO survey says about half of post-secondary students are taking on debt for school, and 58 per cent of those with loans expect to owe upwards of $20,000 when they finish school. One-fifth, or about 21 per cent, expect to graduate with more than $40,000 in debt.
About 44 per cent of students with debt believe they will be able to pay off their loans within five years of graduating.
Students in Atlantic Canada expect to owe the most and take the longest to pay it down. About a quarter of students in the eastern provinces expect to owe more than $40,000, and only 30 per cent say they will be able to pay off their debt within five years.
Average tuition in Canada was $5,366 last year, and average student debt at graduation climbed to $18,800 in 2005 -- the latest year for which statistics are available -- from $15,200 a decade earlier, according to Statistics Canada.
The survey, conducted by Pollara, polled more than 1,000 post-secondary students and is considered accurate to within 3.1 percentage points, 19 times out of 20.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition August 18, 2012 B9
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