Getting a student loan can be double-edged sword. Many kids can’t afford a higher education without one. But the downside is that a lot of students are graduating with huge debts that they many find hard and in some cases impossible to pay off.
The problem of student debt in Canada is on the rise. According to a September 2013Globe and Mail article, accumulated student debt is now more than $15 billion nationally, and perhaps as high as $23 billion, if you take into account credit card debt, lines of credit and provincial loan programs.
The problem is worsening as government levels of funding for post-secondary education decrease and students are left with bearing more of the cost. The Globe article points out that the government share of funding has declined from 84 to 58 per cent, at the same time as tuition fees have jumped 12 to 15 per cent. . . . Read the entire blog post written for KillenLandau bankruptcy trustees.