The average student loan debt in Canada is approximately $26,000 at graduation for a bachelor’s degree. With interest-free federal loans since 2023, the burden is lighter than ever — but still significant for many graduates.
Average Student Debt by Degree
| Degree Type | Average Debt | Typical Duration |
|---|---|---|
| College diploma | $15,000 | 2 years |
| Bachelor’s degree | $26,000 | 4 years |
| Master’s degree | $30,000–$40,000 | 2 years (additional) |
| Professional degree (law, medicine) | $60,000–$120,000 | 3–4 years (additional) |
| PhD | $25,000–$45,000 | 4–6 years (additional) |
Average Debt by Province
| Province | Avg. Tuition/Year | Avg. Debt at Graduation |
|---|---|---|
| Ontario | $8,200 | $28,000 |
| British Columbia | $6,600 | $26,000 |
| Alberta | $6,500 | $24,000 |
| Nova Scotia | $8,500 | $30,000 |
| New Brunswick | $7,800 | $28,000 |
| Saskatchewan | $7,400 | $25,000 |
| Manitoba | $5,300 | $22,000 |
| Quebec | $3,500 | $16,000 |
| Newfoundland | $3,200 | $20,000 |
Quebec has the lowest tuition thanks to provincial subsidies — their graduates carry nearly half the debt of Ontario or Nova Scotia graduates.
Canada vs. US Student Debt
| Metric | Canada | United States |
|---|---|---|
| Average debt at graduation | $26,000 CAD | $37,000 USD |
| Total student debt outstanding | $22 billion CAD | $1.77 trillion USD |
| Average tuition (public) | $6,700/year | $11,000/year |
| Interest rate (federal) | 0% | 5.5%+ |
| Forgiveness timeline | 15 years (RAP) | 20–25 years (IDR) |
Monthly Payment on Average Debt
| Debt Level | Monthly (9.5 yr) | Monthly (5 yr) | Monthly (3 yr) |
|---|---|---|---|
| $15,000 | $132 | $250 | $417 |
| $20,000 | $175 | $333 | $556 |
| $26,000 | $228 | $433 | $722 |
| $35,000 | $307 | $583 | $972 |
All at 0% interest (federal loans).
Bottom Line
Canadian student debt at $26,000 average is manageable compared to the US — especially with 0% interest on federal loans. Graduates in Quebec and Manitoba carry the least debt, while Nova Scotia and Ontario graduates face the highest. Monthly payments of $175–$300 are typical on the standard 9.5-year plan.
See our student loan repayment guide or student loan forgiveness guide for strategies.
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