The average post-secondary student debt load doubled between 1990 and 2009 to reach $26,680 for university graduates and $ 13,600 for college grads. The CCL says the rise in debt-loads coincides with news that the Canada Student Loans Program has reached its maximum threshold of $15-billion. With more funds needed, the CCL says it's time the federal government introduced a new system to finance and assess the education of Canadians.
"This report points to some of the long-term consequences of incurring large debts, sometimes involving postponement of milestones of life, like having children or owning a house," says Dr. Paul Cappon, President and chief executive of CCL. "They can also impact choice of career, possibly to public detriment."