Average Student Loan Debt is a report released yearly by the Canadian government. It provides an overview of borrowing in Canada and compares it to that of the United States. The information is gathered from Statistics Canada’s survey of households. They have also done a survey of students at post-secondary institutions in Canada. Here is what they discovered about borrowing in Canada.
Average Student Loan Debt is broken down into three areas. Those are Federal, Private and Government Borrowing. For the purpose of this article we will focus on Government Borrowing, which is easily the largest area of borrowings. This area accounts for almost half of all student loan debt in Canada.
The first area is housing. In this section we learn about the top 20 cities in Canada where homes are most expensive to buy. The list includes a few surprises like Vancouver, British Columbia, which has the highest prices of any city in Canada. At number four is Calgary, which is right in the heart of Alberta where oil is very much in demand.
Average Student Loan Debt is then broken down by Province or territory. The following are provinces or territories that home study programs are available in. In order to make comparing the costs easier we have included links to the websites for each Province or territory. For example, for those who want to apply for a Federal Student Loan there is a link to apply online. Similarly, for those who would like to apply for a Private Student Loans we have included links to their websites.
Average Student Loan Debt is then compared to that of the previous year. The following compare the changes in interest rates and borrowings from the previous year. They also look at the changes in Government borrowing. As expected the cheapest borrowings come from the Province of Alberta and the Government of Canada have increased their percentages for borrowing in the province. Also a note on the new tax system passed by the Federal Government can be found at the end of the article.
The following provinces or territories have new laws passed in the summer. These laws include reducing the age for eligibility for Old Age Security (OAS) from 65 years old to 55 years old. A further change that has been implemented in the fall is that no longer children of families with incomes over the lower $40k can qualify for OAS. This change affects only children who were born in Canada and not children of other countries. In addition there are changes to the way hospitals receive payments for out of province patients in the spring and fall.
A final change is made to Average Student Loan Debt in the fall when students are required to repay their loans based on their post-secondary education fees rather than the first time rental interest. For instance, instead of paying their fees in the spring they will have to start payment on their loan in the fall. Although this might seem like a complicated way to repay your loan, many students find that this is a much easier plan.
Average Student Loan Debt in the fall can be very beneficial to those studying throughout the duration of the year, as you no longer have to borrow money to pay your tuition fees. Students can also take advantage of the new loan programs that are now available in the spring and summer. A good example is that of free online English courses that can be taken by independent learners. This program gives students all the benefits of an in class instructor with the benefits of learning online.