Canada has mixed feelings about going to college and university

81% of Canadians have some regrets about taking on debt to finance their studies.

An overwhelming 81% of Canadians have some form of remorse in regards to furthering their education.

56% of Canadians who took out a loan to go to university or college say it delayed other financial and lifestyle decisions.

Even though they may regret their choice, 58% pay off or think they’ll pay off their debt within 5 years.

14% never repay their loan.

August 26 2020, Toronto, Canada – Conventional wisdom says that to get ahead in life, you need to continue studying after high school. However, if you ask those that had to take out a loan to pay for it, they may tell you to reconsider your choices, according to a survey conducted by global comparison site Finder.com.

The survey found that of those that had taken out a loan to continue their studies post-high school, an incredible 81% said they’d do things differently. The regrets vary in severity, with 29% just wishing they’d paid off their loans quicker being on the lower end of regrets. At the other end of the spectrum are the 14% who said they wouldn’t have continued their education.

At the heart of these regrets are the impacts that taking out a loan had on their lives, with 56% of respondents saying the choice to take out a loan caused them to delay another financial or life decision.

Most commonly, 24% of Canadians put off saving for their retirement, closely followed by 20% who said that their decision to get a student loan stopped them from buying a home or taking a vacation.

And it’s how long this choice in early adulthood can last. Only a touch over half (58%) of those who took out a student loan had their debt cleared within 5 years, with 77% having their debts paid within the decade. A full 14% said they never got around to paying back their student loan.

Finder

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