Canada Millennium

What is the average student loan debt?

I am already up to 20,000 that I have to pay back in OSAP... and I am hopefully going back in september... and I will be going on OSAP again... so my debt will probably go up to 40,000...
any suggestions? I don't wanna be paying back student loans for the rest of my life...

Addy and Jade's Mommy:

Since you're asking specifically about Canadian students (your reference to OSAP gave it away), I can offer some data specific to your country.

In 2006, the Canada Millennium Scholarship Foundation determined that 53% of all Canadian undergraduates graduated with debt that year. The average debt for these students was $24,047.

Average debts were highest in Atlantic Canada and British Columbia, and lowest in Quebec, where the average student debt was only $12,992. The study mentioned that programs were generally shorter and bursaries more available in Quebec than in other parts of the country.

Though the average amount of debt had somewhat stabilized, the report's authors expressed concern that the percentage of students graduating with debt was on the rise. They worried that debt burdens could negatively impact the students' transition to the workforce, and affect life "decisions", including homebuying and continued education.

You are right to be concerned about your debt levels. A $40,000 debt will be well above average, and require a monthly payment of approximately $524. That's almost $6300 a year.

Be sure to investigate all of the special programs that OSAP has for debt control and repayment. There is the Ontario Student Opportunity Grant, Interest Relief, Revision of Repayment Terms (which stretches your repayment over a longer period of time), and even Debt Reduction for borrowers who are still struggling with repayment after 5 years.

All of the information on these programs - and a helpful debt calculator can be found here: http://accesswindow.osap.gov.on.ca/CGI-BIN/LANSAWEB?WEBEVENT+L10984043442842004FC7081+OSP+ENG#calc at the Ministry of Training, Colleges and Universities site.

I hope this helps you - good luck!

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