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

August 19, 2014

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