How much student loan debt does the average Canadian have?

The average Canadian student loan debt is often cited around $28,000 for a bachelor's degree, though figures vary, with some reports showing figures from $15,000-$39,000 depending on year and study level, while college grads might have lower debt, around $15,300; this doesn't even include private loans, but younger Canadians (Millennials/Gen Z) carry significant debt loads.

How much student debt is normal in Canada?

The average student loan debt in Canada is $28,000. With factors like gender, age, location, and program of study impacting the amount of debt a borrower takes on, many people can't afford to pursue post-secondary education but also can't afford not to.

Is $100,000 in student loans too much?

Yes, $100k in student loans is a significant amount, putting you in the top tier of borrowers, but it's manageable if you have a strong income, especially in high-paying fields like law or medicine, though it requires careful budgeting, living below your means, and strategic repayment to avoid becoming a financial burden. Whether it's "too much" depends heavily on your expected post-graduation salary and chosen career path, as the key is keeping monthly payments below 10% of your gross income. 

Which country has the highest student loan debt?

Second to the US, which has the most student debt of any country, is the United Kingdom where student debt has surpassed £200 billion, and repayment plans are growing more complex.

Who is in more debt, the USA or Canada?

Canada's debt-to-GDP ratio is about 42%, compared to over 100% in the U.S. Canadian borrowing costs are 1.2% lower than U.S. costs, the widest gap since 1870.

What Everyone's Getting Wrong About Student Loans

What percentage of Canadians have $100,000 in savings?

39% of Canadians aged 55-64 have less than $5,000 in savings (-5 pts); 73% have $100,000 or less in savings. More than one in three (36%) women aged 55-64 have no savings at all, compared to one in five (22%) men.

What percent of Americans are 100% debt free?

About 23% of Americans are 100% debt-free, according to recent Federal Reserve data, meaning they have zero debt across all categories like mortgages, student loans, and credit cards, though figures can vary slightly by source and definition, with younger adults (Gen Z) showing higher rates of debt freedom and older adults often carrying more, notes WalletHub, National Debt Relief, and the Urban Institute. 

Who owns over 70% of the US debt?

No single entity owns over 70% of U.S. debt, but roughly 70-80% is held domestically by U.S. investors, institutions, and government trust funds, with private domestic investors, the Federal Reserve, and intragovernmental holdings (like Social Security) being the largest slices, while foreign countries (like Japan and China) hold about 20-30%. 

What country is the lowest in debt?

Economies with the lowest government debt as a share of GDP 2025. In 2025, Liechtenstein was estimated to have the lowest debt-to-GDP ratio in the world, at just 0.5 percent, with Brunei having the second-lowest at 2.3 percent.

What is the 50 30 20 rule for student loans?

The 50/30/20 rule is a budgeting guideline that suggests allocating 50% of your after-tax income to Needs (rent, groceries, minimum debt payments like student loans), 30% to Wants (dining out, hobbies, entertainment), and 20% to Savings & Debt Repayment (emergency fund, retirement, extra student loan payments). For student loans specifically, the rule helps manage payments by including minimums in "Needs" and extra payments in the "20%" category, allowing for faster payoff or saving, but may need adjusting for high living costs or heavy debt, sometimes shifting to a 50/20/30 split to prioritize debt more.
 

What credit score do you need to get a $100,000 loan?

To get a $100k loan, you generally need a good to excellent credit score (670-720+), but a score of 750 or higher is ideal for the best rates and terms, along with strong income and low debt. Lenders see larger loans as riskier, so higher scores (like very good: 740-799, or excellent: 800+) signal lower risk, improving approval odds and securing lower interest rates. 

How long would it take to pay off $100,000 in a student loan?

Paying off $100k in student loans typically takes 10 to 25 years, depending heavily on your repayment plan, interest rate, and extra payments, with the standard federal plan taking 10 years, but income-driven plans or aggressive extra payments can shorten or lengthen the timeline significantly. For example, a 10-year standard plan means around $1,187/month, while a 25-year plan could be around $739/month, but you'll pay much more in total interest over time. 

Does Canada forgive student debt?

You can apply for Canada Student Loan Forgiveness while you are in repayment. You can also apply if you are in study or in your 6-month non-repayment period. Once you have worked in an eligible occupation for a full year, you have 90 days to apply for the benefit. To remain eligible, you must re-apply every year.

How long does it take the average Canadian to pay off student loans?

The Canadian Federation of Students estimates that average student debt is more than $28,0001. According to the Canadian Student Loan Program, most students take 10 years to pay off their loans.

How many people actually pay off their student loans?

23.9% of all borrowers who were liable to repay at end-April 2025 no longer retained any loan balance, mainly due to full repayment (slightly higher than the 23.3% in April 2023).

What would happen if China sold U.S. debt?

Since the U.S. dollar has a variable exchange rate, however, any sale by any nation holding huge U.S. debt or dollar reserves will trigger the adjustment of the trade balance at the international level. The offloaded U.S. reserves by China will either end up with another nation or will return to the U.S.

What is the highest U.S. debt ever?

The highest U.S. national debt ever recorded is over $38 trillion, a milestone recently surpassed in late 2025, with the amount continually updated by the U.S. Treasury Fiscal Data. This record level reflects rapid accumulation driven by pandemic relief, rising interest costs, and other spending, placing significant pressure on federal budgets. 

Who was the last president to balance the US budget?

The last president to oversee balanced federal budgets was Bill Clinton, achieving surpluses for four consecutive years from fiscal years 1998 to 2001, following the passage of the Balanced Budget Act of 1997, marked by higher revenues from tax increases on the wealthy and a booming economy, combined with spending cuts and bipartisan efforts. 

How many Americans have $20,000 in credit card debt?

While exact real-time figures vary, recent data from early 2025 suggests around 23% of Americans who have maxed out their credit cards owe over $20,000, indicating a significant portion of cardholders are in high debt, though the broader population figure is lower, with about 6% of all credit card holders holding balances above $20,000 as of late 2023. Overall, total U.S. credit card debt is over $1.2 trillion, with the average household carrying substantial debt, driven by inflation and everyday expenses. 

What is the credit card limit for $70,000 salary?

With a $70,000 salary, you could expect a starting credit limit from around $14,000 to over $20,000, potentially even higher for premium cards, depending heavily on your excellent credit score, low existing debt (Debt-to-Income ratio), and credit history, as issuers look at your ability to repay. While there's no exact formula, good income combined with strong creditworthiness (low utilization, good score) unlocks higher limits, with some sources showing averages of $28,000-$40,000 for higher income brackets. 

How many people retire with no debt?

Just over half, 53%, of all Americans think that they will enter retirement debt-free, but only 23% do so. Eight in 10 middle-income Baby Boomers not yet retired currently carry some debt, and among those who are retired, 77% still carry debt.

Can I retire at 62 with $400,000 in 401k?

Yes, you can retire at 62 with $400,000 in a 401(k), but it will likely be tight and highly dependent on your spending, lifestyle, healthcare costs, and especially your Social Security benefits, with many financial experts suggesting it's only feasible with very low expenses or if you can delay Social Security for higher payouts, noting that waiting a few more years could significantly improve your comfort and longevity. 

Is $800,000 enough to retire in Canada?

If you were to estimate what amount you should have saved for retirement based on the Canadian average, a single person should have $800,000, and a couple should have $1.6 million. This is based on the amount lasting you roughly 25 years at $32,000 annually.

What is the average net worth of a 65 year old Canadian?

In late 2024, for example, during a parliamentary squabble over increasing Old Age Security (OAS) benefits for those aged 65 to 75, it was revealed that the median net worth of Canadians over 65 had risen to almost $550,000.