According to the 2013 BMO Student Survey released last week, B.C. students will, on average, graduate with highest amount of debt in Canada with close to $35,000.
The average across the country is $26,297 in debt with students expecting to pay it off in just under six and a half years.
The survey also found that:
“It’s prudent to think about your repayment plan before you graduate, as it can be easy to underestimate the amount of debt you will accumulate or how long it will take to pay it off,” said BMO Vice President Janet Peddigrew. “Consider sitting down with a financial professional who can help assess your current debt situation, provide you with a clear understanding of how it affects your overall financial picture and help you start building a detailed plan for paying it off after graduation.”
The survey also ranked the top sources of stress among post-secondary students:
Source: 2013 BMP Student Survey
Image: Jeff Parker