158 – Is Your Student Debt Sustainable?

Student loan debt is a massive problem in Canada. The average student loan debt resulting from a four year degree program is over $26,000, and a student could end up paying more than $10,000 in interest before the loan is repaid.

A government guaranteed student loan is only discharged in a bankruptcy if you have ceased to be a student for over seven years at the time you file bankruptcy. So it is very sad that 15% of our clients still have student loans at the time they file with us, meaning they've been trying to pay that back for seven years already.

Even worse, the burden of student loans are disproportionately felt by women.

On today's show we discuss the problem, and propose some solutions for both society and individual students.