A long-shelved federal report has compiled the first demographic profile of borrowers under the Canada Student Loan Program, revealing sharp differences in repayment rates based on field of study, age and family status — with tradespeople and engineers most likely to stay on top of their debts.Blacklock's Reporter says the internal research by the federal Department of Employment, obtained through Access To Information, found borrowers who studied humanities or social sciences were the most likely to rely on repayment assistance, at 21%, compared to just 9% among those trained in the trades.Engineering and science graduates were also more likely to have fully repaid their loans. About 32% of those who studied engineering or science reported paying off their student loans, compared to 15% of health graduates and lower levels across other disciplines.The report, titled Post-Study Survey For The Evaluation Of The Canada Student Loans Program, found the average federal student loan debt stood at $23,216. However, when factoring in private loans from banks, credit cards and borrowing from family or friends, total average debt at graduation rose to $33,475.More than a quarter of borrowers — 27% — reported owing over $40,000. Eighty-four percent said they were concerned about taking on debt..Financial strain extended beyond government loans. Thirty-four percent of borrowers reported carrying unpaid credit card balances, 21% owed money on a bank line of credit and 28% said they had borrowed from family members.The survey, based on responses from 3,442 postsecondary students and commissioned during the pandemic, was never publicly released.Women, borrowers over 30, single parents, students who attended private colleges and those who self-identified as disabled or indigenous were among those least likely to have repaid their loans. About 17% of borrowers did not complete their studies at all, most commonly citing financial hardship.When asked why they stopped attending school, 47% cited “not enough money,” 40% pointed to personal reasons, 30% referenced family responsibilities and 28% identified academic challenges..Most borrowers — 60% — worked during the academic year, with 51% saying employment negatively affected their grades. Those most likely to work while studying were single, childless students under 25.Researchers noted the need to earn income while enrolled raises broader questions about the adequacy of federal student aid.Under current rules, borrowers must begin repayment within six months of leaving school, with loans typically amortized over 9.5 years. Parliament voted in 2022 to suspend interest charges on federal student loans, a policy made permanent in 2024. Defaults account for roughly 12% of borrowers.
