Across Canada, students graduating from post-secondary institutions are facing substantial student loan debt burdens. This issue is particularly acute in the Maritimes, where graduates in Nova Scotia and Prince Edward Island carry some of the highest repayment totals in the country.
According to a Statistics Canada report, the average debt for college graduates in Nova Scotia stands at $18,100, while bachelor’s degree holders owe an average of $39,100. The financial burden is even more severe in neighboring Prince Edward Island, where students repay an average of $43,500 after completing a bachelor’s degree program – the highest in Canada. College graduates in the province owe an average of $17,600.
In contrast, two Prairie provinces, Alberta and Saskatchewan, reported lower average debt levels for college graduates, at $20,400 and $19,700, respectively. While the average debt for bachelor’s degree holders remains high in both provinces, it is still below the amounts experienced by students in the Maritimes.
Quebec, on the other hand, boasts the lowest debt levels in both categories. College graduates in the province owe an average of $11,900 in loan repayments, while bachelor’s degree holders owe an average of $21,100 – one of only two provinces, along with Newfoundland and Labrador, where the debt for a bachelor’s degree remains under $30,000.
Nationally, the percentage of students with bachelor’s degree debt at graduation has declined slightly since the turn of the century, from 53% in 2000 to 51% in 2020. However, the average debt amount for those who do owe money has skyrocketed, increasing by more than $10,000 since 2000. The average Canadian student now owes $30,600 upon obtaining a bachelor’s degree.
