Survey of Student Finances in Quebec

The survey follows the latest events related to the student crisis and attempts to analyze the financial situation of university students. Particular attention has been paid to the financing of expenditures, indebtedness and the expected remuneration as a result of the studies.

 

Funding

Funding

  • Students finance their personal expenses (food, clothing, recreation, etc.) with a part-time or full-time job (34.82%) and / or with the help of their parents (21.73%).
  • Scholarships are unpopular. Only 11.18% of students report using them to pay for their expenses.
  • Students use credit in large numbers to finance their expenses. Credit cards and student loans are used by 16.29% and 15.97% respectively of students to pay for their personal expenses.
  • 47% of participants believe that they have completed their studies without using credit, while 21% say that this would not have been possible. A portion of the survey participants, 32%, are divided on this topic.

 

Indebtedness

Indebtedness

  • 41.23% of students surveyed say they have no student debt to date. However, only 29.82% of participants believe they can finish their education without having to pay their debts.
  • Some students have to go into heavy debt for their studies. In fact, 13.16% of participants indicate that they currently owe more than $ 20,000. In addition, 3.51% plan to be over $ 50,000 by graduation.
  • Of the students with student debt or student-related debt, 37.8% expect to repay their student loan debt in less than a year. 25.61% provide for a repayment period of over 4 years and 6.10% estimate the repayment term of their student debt to be more than 10 years.

 

Earnings

Earnings

  • After graduation, the majority (55.26%) of students expect to earn between $ 40,000 and $ 50,000. Some (24.56%) are more optimistic and hope to earn between $ 50,000 and $ 75,000.
  • Five years after graduation, the majority of students (59.65%) now expect to earn between $ 50,000 and $ 75,000. This time, the optimists (15.79%) believe they win between $ 75,000 and $ 100,000.

 

About Supercredit & Associates

credit loan

Supercredit & Associates is a bankruptcy trustee office established in 1990 to help Quebecers with debt problems. The mission of the company is to enable people with financial difficulties to make a fresh start, free of debt. The firm now has 14 offices in the greater Montreal area.

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