B.C. students expected to graduate with highest debt in Canada

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student debt

According to the 2013 BMO Student Survey released last week, B.C. students will, on average, graduate with highest amount of debt in Canada with close to $35,000.

The average across the country is $26,297 in debt with students expecting to pay it off in just under six and a half years.

Average student debt across Canada

  1. B.C. – $34,886
  2. Atlantic provinces – $30,725
  3. Ontario – $29,520
  4. Manitoba/Saskatchewan – $28,296
  5. Alberta – $27,334
  6. Quebec – $13,180

The survey also found that:

  • Students are relying less on their parents for financial aid compared to 2012, with 44 per cent asking for help compared to 52 per cent in 2012
  • Students are less likely to depend on their own savings and more likely to rely on loans
  • Women believe they will have more debt than men and will take longer to pay it off

“It’s prudent to think about your repayment plan before you graduate, as it can be easy to underestimate the amount of debt you will accumulate or how long it will take to pay it off,” said BMO Vice President Janet Peddigrew. “Consider sitting down with a financial professional who can help assess your current debt situation, provide you with a clear understanding of how it affects your overall financial picture and help you start building a detailed plan for paying it off after graduation.”

The survey also ranked the top sources of stress among post-secondary students:

  • Paying for school
    • B.C. – 36 per cent
    • Canadian average – 28 per cent
  • Achieving academic success
    • B.C. – 28 per cent
    • Canadian average – 24 per cent
  • Finding a job after graduation
    • B.C. – 19 per cent
    • Canadian average – 24 per cent

 

Source: 2013 BMP Student Survey
Image: Jeff Parker

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