Students graduating from post-secondary schools in Nova Scotia and Prince Edward Island have some of the highest student loan debt in the country, according to a new report from Statistics Canada.
In a survey citing amounts owed by students at the time of their program’s completion, graduates in the Maritimes experienced some of the highest repayment totals in 2020.
The average debt following the completion of a college course in Nova Scotia was listed at $18,100, while the average debt owed after obtaining a bachelor’s degree in the province was $39,100.
The financial burden is no better across the Northumberland Strait, as students in Prince Edward Island are repaying a total average of $43,500 after completing a bachelor’s degree program — the highest in the country. The average debt owed after college was $17,600.
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Meanwhile, two Prairie provinces outperformed the average amount owned following the completion of a college program.
Students in Alberta, on average, owed $20,400 after obtaining a college degree, while the number in neighbouring Saskatchewan is $19,700 after receiving an equivalent qualification. The average debt following a bachelor’s degree remains high in both provinces but is still less than the amounts experienced by students in the Maritimes.
In contrast, the typical debt owed following a study period in Quebec proved to be the lowest in both categories as $11,900 was the average loan repayment for a college degree in 2020.
Quebec was also one of only two provinces, the other being Newfoundland and Labrador, where the debt owed for a bachelor’s degree remained under $30,000, as students owed an average of $21,100 after their time in university.
Since the turn of the century, the percentage of students across Canada who incurred debt for a bachelor’s degree at the time of graduation has dropped slightly — from 53 in 2000 to 51 in 2020.
Despite the dip in the proportion of the student population that owes money upon graduation, the average debt amount for those who do is much higher. That loan repayment has increased by more than $10,000 since 2000, as the average Canadian student now owes $30,600 after obtaining a bachelor’s degree.
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