UPDATED: The pit of student debt continues to widen

This version includes an infographic.

In today’s day and age, when people think about university, two words typically come to mind: stress and debt.

The danger of never being able to climb out of the pit of debt can often cause students to feel anxious and overwhelmed.

As tuition rates have continued to climb over the years within the province, so does the amount of Ontario Student Assistance Program (OSAP) loans.

In a 2015 study conducted by Ryerson University, it was discovered that only 43 per cent of Ryerson graduates were walking away without debt. This leaves the other 57 per cent starting their adult careers in debt.

The average amount of debt that these students incurred over their four years at Ryerson was $13,971. Eight per cent of Ryerson grads leave the university with $20,000 to $24,999 of debt, while four per cent walk away with $50,000 of debt or more accumulated over their four-year degree.

In a report done by Statistics Canada, Ontario tuition has increased by 65 per cent since 2003. This makes Ontario the most expensive province in Canada to attend university.

 

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