51% of Canadian students expect to take on debt for their education

The results of an online CIBC survey offers insight into student attitudes toward education debt. CIBC reports that 51% of Canadian PSE students have borrowed or will need to borrow money to pay for their education. 73% of those respondents expect to graduate with more than $10,000 in debt, and approximately 40% expect to owe more than $25,000. 66% said that they anticipate being able to pay their debt back in 5 years or less. But CIBC’s Executive VP of Retail and Business Banking Christina Kramer said that “while [students’] intentions are admirable, they may not be realistic.” Further data indicates that it isn’t just tuition that contributes to high student debt. A Bank of Montreal survey found that PSE students spend an average of $1,121 just on school supplies. Student respondents to that survey cited textbooks, new clothes, computers, and furniture as additional major expenses. CIBC News Release | Toronto Star | Financial Post | The Record