The document, entitled “The Political Economy of Student Debt,” reveals that government underfunding of post-secondary education is driving the household debt crisis in this country.
The report shows that student debt today is a significant proportion of Canadian families' household debt, which has reached 171 per cent of disposable income and exceeded the size of the Canadian economy at $1.6 trillion.
"Saddling students, graduates and their families with massive amounts of debt is slowing down the economy," national CFS chairman Bilan Arte said in a news release.
"Young people are being forced to delay life milestones and saving for their families' future in order to make payments on their student loans."
According to the report, a student who takes out a $30,000 loan today from the Canada Student Loans Program will pay another $10,318 in interest over 10 years.
Students from low-income families continue to be disproportionately affected and ultimately pay more for their education than those who have greater financial means.
As well, the results show a clear majority of Canada Student Loans recipients and users of the Repayment Assistance Program are women.
You can download the full report here.
