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Students underestimate how much they will owe at graduation

Two-thirds think they’ll pay off debt in five years

June 29, 2011

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Nearly half of Canadian students say they will have either have no debt or owe less than $10,000 upon graduation, according to a new study from BMO Financial Group. In fact, the average owed by all students is $18,800, according to Statistics Canada. On top of that, nearly two-thirds (63 per cent) think they will be able to pay off their student debt within five years of graduation. The default repayment period for government loans is nine-and-a-half years. The study included 625 college and university students and was conducted by Leger Marketing.

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debt financial money student loans

Josh Dehaas is a writer and editor focused on post-secondary education and training. He has a Master of Journalism from the University of British Columbia and a Bachelor of Arts from the University of Guelph.

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