Student Loan Debt Burden: End of the Road?
It cannot be denied that student debt load is a problem – and a serious one at that. The pressure of mounting student debt while juggling between studying and employment only compound the burden. Research has found that debt aversion is strong among those who choose not to pursue post-secondary education and high student debt levels dissuade recent graduates from entrepreneurship. In addition, student loan obligations also tend to reduce the ability of new graduates to start a family or find gainful employment to cover the cost of rising tuition fees. Many students or new graduates end up taking lower paying jobs in their desired field simply to get a “foot in the door.” According to Statistics Canada student unemployment is almost twice as high as the rate of unemployment for the general population.