As students embark on their college education, a survey reveals that many will regret the burden of student loans
As thousands of Canadian students begin their college education, they may worry about leaving home or whether they have chosen the right course.
But, just like previous cohorts of college students, they will also be concerned about finances, both the cost of living while they are studying and the long-term burden of student loans.
According to a new survey from financial comparison site Finder.com, 81% of Canadians who have taken on student loans have at least some remorse about how they handled things.
This includes 29% of respondents who wish they had paid off their loans sooner, through to 14% who wouldn’t have continued their education to avoid the debt burden.
The negative view of student loan debt is fueled by 56% who said that it meant delaying another financial or life decision such as saving for their retirement (24%) or buying a home or taking a vacation (20%).
The report found that almost six in ten of those who had taken out a student loan had not paid it off within 5 years, however more than three quarters had done so within a decade.
Fourteen percent had never paid off their student loans.
The full study is at https://www.finder.com/ca/student-loan-regret.
