Student Debt Crisis Is Escalating

06 June 2011 - Which Way To Pay

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Student Debt Crisis Is Escalating

Almost two million Canadian have taken out student loans. The total Canadian student debt stands at around $20 billion. The debt is held by credit card companies, government loan agencies and studentsí families. There is a proportion of student debt that is unrecoverable: Current estimates sit at around $149.5 million.

These figures are causing a serious headache for the Canadian government.  The problem is that more and more people are expected to have completed tertiary education in order to secure good jobs. However many people are struggling to support themselves while they are at university. Students who are building up debts are finding that they are tripped up when those debts are called in.

University authorities have noted the increasing number of students applying for emergency bursaries. Commentators have said that some students are on the verge of bankruptcy before they receive their first paycheque.   

Over a quarter of adults leave university with debt loads of more than $25,000. Many of these students will ask themselves whether the cost of getting a degree is a prudent investment. Quantifying the return on a degree is a tricky business, but it has been argued that the degree has little value in itself. The problem is that a degree is required just to be considered for many jobs, but possession contains no inherent advantage.

This is a worrying time for students. Beginning your working life with huge debts curbs your potential for saving which in turn knocks your chance of buying a house or making other significant investments associated with becoming an adult.      



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