Canadian students, on average, expect to be $26,297 in debt when they graduate, according to the new 2013 BMO Student Survey.
B.C. grads topped the list, averaging $34,886 in debt after graduation.
Respondents said they planned to pay their debt off in 6.4 years.
The survey also found that:
- students are relying less on the parents for financial help, with 44% saying they rely on mom and dad for money in 2012, versus 52% the previous year; and
- students are less likely to rely on their savings and more likely to rely on loans.
Other regional variations in graduate debt included:
- Atlantic provinces: $30,725;
- Ontario: $29,520;
- Manitoba/Saskatchewan: $28,296;
- Alberta: $27,334; and
- Quebec: $13,180.
In addition, there were differences across gender lines, with men expecting a total debt load of $22,465, versus $30,210 for women.
“It’s prudent to think about your repayment plan before you graduate, as it can be easy to underestimate the amount of debt you will accumulate or how long it will take to pay off,” said BMO vice-president Janet Peddigrew.
“Consider sitting down with a financial professional who can help assess your current debt situation, provide you with a clear understanding of how it affects your overall financial picture and help you start building a detailed plan for paying it off after graduation.”
