What is the average Canadian student debt?
Asked by: Jorge Leffler | Last update: August 8, 2025Score: 4.3/5 (39 votes)
The exact amount of student debt on top of federal loans is not known. However, studies by BMP and RBC have indicated that the average student debt is over $26,000 and the interest on private loans and credit cards is likely to be higher than on federal student loans.
What is the average student debt in Canada?
The average student loan debt in Canada is approximately $28,000. The total amount of student loan debt in Canada is more than $23.5billion. Women make up the majority of Canada student loan debt borrowers. 20-to-24-year-olds hold the most student loan debt.
What is the average debt for Canadians?
Average consumer debt by province
According to Equifax Canada's Q3 2023 report, the average consumer debt for all of Canada is $21,013. Credit card debt typically accounts for approximately 4.5% of consumer debt. Below, take a look to see how the average consumer debt varies by province.
How long does it take the average Canadian to pay off student loans?
The Canadian Federation of Students estimates that average student debt is more than $28,0001. According to the Canadian Student Loan Program, most students take 10 years to pay off their loans.
Is it normal to have $100,000 in student loans?
Adults with a postgraduate degree are especially likely to have a large amount of student loan debt. About a quarter of these advanced degree holders who borrowed (26%) owed $100,000 or more in 2023, compared with 9% of all borrowers. Overall, only 1% of all U.S. adults owed at least $100,000.
What Everyone's Getting Wrong About Student Loans
Is 200k a lot of student debt?
A student loan balance of $200,000 is comparable to a mortgage, making it a significant financial obligation you'll likely manage for years.
How many people have more than $1000000 in student loans?
Due to escalating tuition and easy credit, the U.S. has 101 people who owe at least $1 million in federal student loans, according to the Education Department. Five years ago, 14 people owed that much. More could join that group.
What's the average student loan debt in the US?
The average federal student loan debt balance is $38,375, while the total average balance (including private loan debt) may be as high as $41,520. 4.86% of federal student loans dollars were in default as of 2024's fourth financial quarter (2024 Q4); 1.61% of private student loans were in default as of 2024 Q1.
How much mortgage can I get with $70,000 salary in Canada?
A person making $70,000 may be able to afford a mortgage around $400,000. The mortgage amount you'll qualify for ultimately depends on your credit score, debt and current interest rates.
How many students can't afford university in Canada?
TD's findings revealed that 65 per cent of students consider themselves “financially unstable” and 45 per cent say they can't adequately cover basic needs, such as food and housing. This cohort of students could face further headwinds when it comes to landing a job to fund their expenses.
At what age do most Canadians pay off their mortgage?
50-59-year-olds are the time when people tend to pay down their debt rapidly – and increase their retirement savings. 60-69-year-olds are or are close to being mortgage-free. However, it's becoming more common for retirees to carry a mortgage.
How much does the average Canadian have in savings?
Average savings by age in Canada
Under age 35: $27,425 in non-pension financial assets and $9,905 in RRSPs. Ages 35 to 44: $23,743 in non-pension financial assets and $15,993 in RRSPs. Ages 45 to 54: $39,831 in non-pension financial assets and $41,998 in RRSPs.
What is considered high debt in Canada?
36% to 49%: While this range is not bad, it also means that you're getting close to a high DTI, which might limit your ability to borrow money in the future. Above 50%: A DTI above 50% is considered high and should be addressed as soon as you can.
Is student debt a problem in Canada?
Tuition rates are also generally lower in Canada than in the U.S. (an average of $5,313 in 2011-2012 vs. an average of $19,339 in the US in the same year). However, $5,313 is not cheap by any means, and that's why Canadian students owe billions in student loan debt.
How much student debt is considered a lot?
What is considered a lot of student loan debt? A lot of student loan debt is more than you can afford to repay after graduation. For many, this means having more than $70,000 – $100,000 in total student debt.
How many students don't go to college because they can't afford it?
Based on research from Sallie Mae (2024), 30% of students at risk of leaving school cite financial challenges as the primary reason for considering dropping out.
What is the 28 36 rule?
The 28/36 rule
It suggests limiting your mortgage costs to 28% of your gross monthly income and keeping your total debt payments, including your mortgage, car loans, student loans, credit card debt and any other debts, below 36%.
How much income do you need to buy a $650,000 house in Canada?
To afford a $650,000 house, you typically need an annual income between $160,000 to $215,000, depending on your financial situation, down payment, credit score, and current market conditions. However, this is a general range, and your specific circumstances will determine the exact income required.
Can I afford a 300k house on a 50k salary?
Assuming a down payment of 20%, an interest rate of 6.5% and additional monthly debt of $500/month, you'll need to earn approximately $80,000 to afford a $300,000 house.
Is 50k a lot of student debt?
Having $50,000 in student loan debt can be a tremendous financial burden. Depending on your interest rate and the types of loans you have, the payments can amount to a very large portion of your monthly budget.
How much does the average American have in credit card debt?
At the close of 2019, the average household had a credit card debt of $7,499. During the first quarter of 2021, it dropped to $6,209. In 2022, credit card debt rose again to $7,951 and has increased linearly. In 2023, it reached $8,599 — $75 shy of the 2024 average.
Which country has the highest student debt?
The #1 most expensive place to go to college in the world
Student debt is making headlines in the UK as student debt balloons. However, their repayment structure looks quite different from the US's. University graduates begin loan repayment once they earn over the income threshold amount for their repayment plan.
How much student loans do doctors have?
Average medical student debt: the data
On average, students graduate from medical school with about $227,000 in student loan debt, including both graduate school and undergraduate pre-medical programs, the Association of American Medical Colleges (AAMC) reports.