they don their caps and gowns this week, post-secondary class of 2013 grads are facing the future saddled with the highest levels of debt in Canadian history. Federal student debt in Canada exceeds $15 billion, plus another $5 to $8 billion in credit card debts, lines of credit and provincial loans, according to Ottawa.
Calgary's Janene Vermeire, who is a single mother, is leaving Mount Royal University with an honours degree — and $60,000 in debt.
“I can pay it off over a span of 15 years. At what point am I going to get ahead? I'm never going to get ahead. Like, when am I going to start saving money to buy a house?” she said.
According to bankruptcy trustee Shawn Stack, graduates who are struggling can get help restructuring their debts — except the student loan, which can't be restructured for seven years. Read more...