3/4 Grads Under 40 Have Student Debt Regrets: BDO Poll (Infographic)

Do you have student debt regret? A new BDO Canada poll offered Canadian graduates the opportunity to reflect on their student debt. And while many grads do have regrets, they also offer advice to future students who may end up dealing with student debt too.

There’s no doubt that a lot of Canadians under 40 are dealing with a lingering student debt load. Two in three Canadian graduates (21-39 years old) finished college or university carrying student debt. Three out of five of these grads are still paying off those debts today, owing an average of $16,816.
These grads believe it will take five more years, on average, to be free of their student debt. One in five believe they’ll be paying it off for an additional 10 to 20 years.

It’s no wonder that 77 per cent of Canadian graduates have student debt regrets. Some wish they would have lived more frugally. Others would have worked more hours or chosen a different degree or diploma. One in five even regret that they didn’t borrow less than what was offered.

What advice would grads give to future college or university students?

The most popular advice: be willing to make financial sacrifices while you’re a student. They also encourage a younger generation to plan ahead: get a part-time or summer job in high school, or spend a gap year or two working and saving for post-secondary expenses.

It’s clear that many Canadians are dealing with the financial and emotional stress of student debt long after graduation. Graduates under 40 admit that lingering student debt has meant the need to reduce their living expenses, cut back on spending, and delay important life milestones and financial goals.

If your student debt load is negatively affecting your financial health, it’s important to find a debt solution.

Start with a thorough review of your budget. A budget worksheet, debt calculator or money management app may help you better manage your student debt payments.

Still struggling? Research your options for student loan debt help. Either the Repayment Assistance Plan or Revision of Terms Plan may be a viable option. If it’s been at least seven years since you’ve left school, a consumer proposal may help you repay your debt, or bankruptcy could eliminate your student debt. However, bankruptcy should only be considered after you’ve reviewed all other solutions.

What’s your biggest student debt regret? Your best advice for future university and college students? #DebtSolutions #StudentDebt