Common use of Debt sources Clause in Contracts

Debt sources. We asked students to identify the repayable debt they have incurred from financing their university education, which was defined as money students had acquired to help finance their education that they owe and will have to pay back. Half of students report owing money to at least one of the four sources tested, although some sources are more common than others. As Table 47 shows, 40% report debt from government student loans, which is about three times as much as those who report debt from financial institutions (15%) or parents or family (13%). Table 47: Sources of debt All Group University of students 1 2 3 Victoria (n=18,144) (n=5,612) (n=7,916) (n=4,616) (n=454) Any debt 50% 53% 53% 44% 48% Government student loans 40% 42% 45% 35% 38% Loans from financial institutions 15% 16% 14% 15% 14% Loans from parents/family 13% 14% 14% 11% 13% Debt from other sources 5% 7% 5% 4% 6% Among all graduating students, the average education-related debt at the time of the survey is about $13,331. When we consider only those who report having any debt, the average amount doubles to about $26,819. Looking at the debt among students who report debt from that source shows that not only do students rely on government student loans more often, they also account for the highest levels of debt at $23,550. Loans from financial institutions, although used by just 15% of graduating students, account for $14,729 in debt, indicating that those who do use these loans rely on them fairly heavily. Students also have a fair amount of debt from family and friends ($10,165), but not to the same degree as government student loans or loans from financial institutions. Among those with debt, Group 1 ($29,367) students tend to carry more debt on average than Group 2 ($27,484) and Group 3 ($24,195) students. The driver of this difference appears to be government student loans, as the average debt from the other three sources is very similar across university groups. Table 48: Average amount of repayable debt All students (n=18,144) Group University of Victoria (n=454) 1 (n=5,612) 2 (n=7,916) 3 (n=4,616) Average total debt All respondents $13,331 $15,571 $14,663 $10,617 $13,858 Those with debt $26,819 $29,367 $27,484 $24,195 $28,796 Average among those with these sources Government student loans $23,550 $27,332 $24,036 $20,312 $28,135 Loans from financial institutions $14,729 $14,674 $14,360 $15,146 $10,132 Loans from parents/family $10,165 $9,834 $10,808 $9,501 $11,095 Debt from other sources $5,816 $6,206 $5,781 $5,504 $5,419 Although the average amount owed (among those with debt) was almost $27,000, the distribution of total student debt tends to skew towards those with $20,000 or more in debt. Indeed, among those reporting debt, students with $20,000 or more in debt make up 58%, but they make up just 29% of all graduating students. Table 49: Total debt All Group University of students 1 2 3 Victoria (n=18,144) (n=5,612) (n=7,916) (n=4,616) (n=454) No debt 50% 47% 47% 56% 52% Less than $5,000 4% 4% 4% 4% 5% $5,000 to $9,999 5% 6% 5% 6% 5% $10,000 to $14,999 6% 6% 6% 7% 5% $15,000 to $19,999 5% 4% 5% 5% 3% $20,000 or more 29% 33% 33% 23% 30% Differences by age. As students get older, the average debt level (among those reporting debt) increases steadily from $22,505 for those 20 and younger to $36,135 for those 30 and older. Also, as students get older, they are more likely to report acquiring debt from financial institutions (increasing from 6% of those 20 and younger to 25% of those 30 and older).

Debt sources. We asked students to identify the repayable debt they have incurred from financing their university education, which was defined as money students had acquired to help finance their education that they owe and will have to pay back. Half of students report owing money to at least one of the four sources tested, although some sources are more common than others. As Table 47 shows, 40% report debt from government student loans, which is about three times as much as those who report debt from financial institutions (15%) or parents or family (13%). Table 47: Sources of debt All Group University of students 1 2 3 Victoria Winnipeg (n=18,144) (n=5,612) (n=7,916) (n=4,616) (n=454n=638) Any debt 50% 53% 53% 44% 4836% Government student loans 40% 42% 45% 35% 3820% Loans from financial institutions 15% 16% 14% 15% 14% Loans from parents/family 13% 14% 14% 11% 1311% Debt from other sources 5% 7% 5% 4% 6% Among all graduating students, the average education-related debt at the time of the survey is about $13,331. When we consider only those who report having any debt, the average amount doubles to about $26,819. Looking at the debt among students who report debt from that source shows that not only do students rely on government student loans more often, they also account for the highest levels of debt at $23,550. Loans from financial institutions, although used by just 15% of graduating students, account for $14,729 in debt, indicating that those who do use these loans rely on them fairly heavily. Students also have a fair amount of debt from family and friends ($10,165), but not to the same degree as government student loans or loans from financial institutions. Among those with debt, Group 1 ($29,367) students tend to carry more debt on average than Group 2 ($27,484) and Group 3 ($24,195) students. The driver of this difference appears to be government student loans, as the average debt from the other three sources is very similar across university groups. Table 48: Average amount of repayable debt All students (n=18,144) Group University of Victoria Winnipeg (n=454n=638) 1 (n=5,612) 2 (n=7,916) 3 (n=4,616) Average total debt All respondents $13,331 $15,571 $14,663 $10,617 $13,858 6,057 Those with debt $26,819 $29,367 $27,484 $24,195 $28,796 16,801 Average among those with these sources Government student loans $23,550 $27,332 $24,036 $20,312 $28,135 15,912 Loans from financial institutions $14,729 $14,674 $14,360 $15,146 $10,132 11,885 Loans from parents/family $10,165 $9,834 $10,808 $9,501 $11,095 7,734 Debt from other sources $5,816 $6,206 $5,781 $5,504 $5,419 5,086 Although the average amount owed (among those with debt) was almost $27,000, the distribution of total student debt tends to skew towards those with $20,000 or more in debt. Indeed, among those reporting debt, students with $20,000 or more in debt make up 58%, but they make up just 29% of all graduating students. Table 49: Total debt All Group University of students 1 2 3 Victoria Winnipeg (n=18,144) (n=5,612) (n=7,916) (n=4,616) (n=454n=638) No debt 50% 47% 47% 56% 5264% Less than $5,000 4% 4% 4% 4% 56% $5,000 to $9,999 5% 6% 5% 6% 59% $10,000 to $14,999 6% 6% 6% 7% 56% $15,000 to $19,999 5% 4% 5% 5% 34% $20,000 or more 29% 33% 33% 23% 3011% Differences by age. As students get older, the average debt level (among those reporting debt) increases steadily from $22,505 for those 20 and younger to $36,135 for those 30 and older. Also, as students get older, they are more likely to report acquiring debt from financial institutions (increasing from 6% of those 20 and younger to 25% of those 30 and older).

Debt sources. We asked students to identify the repayable debt they have incurred from financing their university education, which was defined as money students had acquired to help finance their education that they owe and will have to pay back. Half of students report owing money to at least one of the four sources tested, although some sources are more common than others. As Table 47 shows, 40% report debt from government student loans, which is about three times as much as those who report debt from financial institutions (15%) or parents or family (13%). Table 47: Sources of debt All Group University of Xxxxx students 1 2 3 Victoria University (n=18,144) (n=5,612) (n=7,916) (n=4,616) (n=454n=941) Any debt 50% 53% 53% 44% 4858% Government student loans 40% 42% 45% 35% 3851% Loans from financial institutions 15% 16% 14% 15% 1416% Loans from parents/family 13% 14% 14% 11% 1315% Debt from other sources 5% 7% 5% 4% 65% Among all graduating students, the average education-related debt at the time of the survey is about $13,331. When we consider only those who report having any debt, the average amount doubles to about $26,819. Looking at the debt among students who report debt from that source shows that not only do students rely on government student loans more often, they also account for the highest levels of debt at $23,550. Loans from financial institutions, although used by just 15% of graduating students, account for $14,729 in debt, indicating that those who do use these loans rely on them fairly heavily. Students also have a fair amount of debt from family and friends ($10,165), but not to the same degree as government student loans or loans from financial institutions. Among those with debt, Group 1 ($29,367) students tend to carry more debt on average than Group 2 ($27,484) and Group 3 ($24,195) students. The driver of this difference appears to be government student loans, as the average debt from the other three sources is very similar across university groups. Table 48: Average amount of repayable debt All students (n=18,144) Group Xxxxx University of Victoria (n=454n=941) 1 (n=5,612) 2 (n=7,916) 3 (n=4,616) Average total debt All respondents $13,331 $15,571 $14,663 $10,617 $13,858 15,645 Those with debt $26,819 $29,367 $27,484 $24,195 $28,796 26,837 Average among those with these sources Government student loans $23,550 $27,332 $24,036 $20,312 $28,135 22,846 Loans from financial institutions $14,729 $14,674 $14,360 $15,146 $10,132 15,115 Loans from parents/family $10,165 $9,834 $10,808 $9,501 $11,095 7,508 Debt from other sources $5,816 $6,206 $5,781 $5,504 $5,419 9,217 Although the average amount owed (among those with debt) was almost $27,000, the distribution of total student debt tends to skew towards those with $20,000 or more in debt. Indeed, among those reporting debt, students with $20,000 or more in debt make up 58%, but they make up just 29% of all graduating students. Table 49: Total debt All Group University of students 1 2 3 Victoria Xxxxx (n=18,144) (n=5,612) (n=7,916) (n=4,616) (n=454n=941) No debt 50% 47% 47% 56% 5242% Less than $5,000 4% 4% 4% 4% 5% $5,000 to $9,999 5% 6% 5% 6% 5% $10,000 to $14,999 6% 6% 6% 7% 56% $15,000 to $19,999 5% 4% 5% 5% 36% $20,000 or more 29% 33% 33% 23% 3037% Differences by age. As students get older, the average debt level (among those reporting debt) increases steadily from $22,505 for those 20 and younger to $36,135 for those 30 and older. Also, as students get older, they are more likely to report acquiring debt from financial institutions (increasing from 6% of those 20 and younger to 25% of those 30 and older).

Debt sources. We asked students to identify the repayable debt they have incurred from financing their university education, which was defined as money students had acquired to help finance their education that they owe and will have to pay back. Half of students report owing money to at least one of the four sources tested, although some sources are more common than others. As Table 47 shows, 40% report debt from government student loans, which is about three times as much as those who report debt from financial institutions (15%) or parents or family (13%). Table 47: Sources of debt All Group University of Nipissing students 1 2 3 Victoria University (n=18,144) (n=5,612) (n=7,916) (n=4,616) (n=454n=408) Any debt 50% 53% 53% 44% 4869% Government student loans 40% 42% 45% 35% 3858% Loans from financial institutions 15% 16% 14% 15% 1421% Loans from parents/family 13% 14% 14% 11% 1316% Debt from other sources 5% 7% 5% 4% 68% Among all graduating students, the average education-related debt at the time of the survey is about $13,331. When we consider only those who report having any debt, the average amount doubles to about $26,819. Looking at the debt among students who report debt from that source shows that not only do students rely on government student loans more often, they also account for the highest levels of debt at $23,550. Loans from financial institutions, although used by just 15% of graduating students, account for $14,729 in debt, indicating that those who do use these loans rely on them fairly heavily. Students also have a fair amount of debt from family and friends ($10,165), but not to the same degree as government student loans or loans from financial institutions. Among those with debt, Group 1 ($29,367) students tend to carry more debt on average than Group 2 ($27,484) and Group 3 ($24,195) students. The driver of this difference appears to be government student loans, as the average debt from the other three sources is very similar across university groups. Table 48: Average amount of repayable debt All students (n=18,144) Group Nipissing University of Victoria (n=454n=408) 1 (n=5,612) 2 (n=7,916) 3 (n=4,616) Average total debt All respondents $13,331 $15,571 $14,663 $10,617 $13,858 18,848 Those with debt $26,819 $29,367 $27,484 $24,195 $28,796 27,464 Average among those with these sources Government student loans $23,550 $27,332 $24,036 $20,312 $28,135 23,644 Loans from financial institutions $14,729 $14,674 $14,360 $15,146 $10,132 15,280 Loans from parents/family $10,165 $9,834 $10,808 $9,501 $11,095 8,668 Debt from other sources $5,816 $6,206 $5,781 $5,504 $5,419 6,338 Although the average amount owed (among those with debt) was almost $27,000, the distribution of total student debt tends to skew towards those with $20,000 or more in debt. Indeed, among those reporting debt, students with $20,000 or more in debt make up 58%, but they make up just 29% of all graduating students. Table 49: Total debt All Group University of students 1 2 3 Victoria Nipissing (n=18,144) (n=5,612) (n=7,916) (n=4,616) (n=454n=408) No debt 50% 47% 47% 56% 5231% Less than $5,000 4% 4% 4% 4% 54% $5,000 to $9,999 5% 6% 5% 6% 56% $10,000 to $14,999 6% 6% 6% 7% 510% $15,000 to $19,999 5% 4% 5% 5% 34% $20,000 or more 29% 33% 33% 23% 3044% Differences by age. As students get older, the average debt level (among those reporting debt) increases steadily from $22,505 for those 20 and younger to $36,135 for those 30 and older. Also, as students get older, they are more likely to report acquiring debt from financial institutions (increasing from 6% of those 20 and younger to 25% of those 30 and older).

Debt sources. We asked students to identify the repayable debt they have incurred from financing their university education, which was defined as money students had acquired to help finance their education that they owe and will have to pay back. Half of students report owing money to at least one of the four sources tested, although some sources are more common than others. As Table 47 shows, 40% report debt from government student loans, which is about three times as much as those who report debt from financial institutions (15%) or parents or family (13%). Table 47: Sources of debt All Group University of McGill students 1 2 3 Victoria University (n=18,144) (n=5,612) (n=7,916) (n=4,616) (n=454n=564) Any debt 50% 53% 53% 44% 4832% Government student loans 40% 42% 45% 35% 3827% Loans from financial institutions 15% 16% 14% 15% 147% Loans from parents/family 13% 14% 14% 11% 137% Debt from other sources 5% 7% 5% 4% 63% Among all graduating students, the average education-related debt at the time of the survey is about $13,331. When we consider only those who report having any debt, the average amount doubles to about $26,819. Looking at the debt among students who report debt from that source shows that not only do students rely on government student loans more often, they also account for the highest levels of debt at $23,550. Loans from financial institutions, although used by just 15% of graduating students, account for $14,729 in debt, indicating that those who do use these loans rely on them fairly heavily. Students also have a fair amount of debt from family and friends ($10,165), but not to the same degree as government student loans or loans from financial institutions. Among those with debt, Group 1 ($29,367) students tend to carry more debt on average than Group 2 ($27,484) and Group 3 ($24,195) students. The driver of this difference appears to be government student loans, as the average debt from the other three sources is very similar across university groups. Table 48: Average amount of repayable debt All students (n=18,144) Group XxXxxx University of Victoria (n=454n=564) 1 (n=5,612) 2 (n=7,916) 3 (n=4,616) Average total debt All respondents $13,331 $15,571 $14,663 $10,617 $13,858 6,621 Those with debt $26,819 $29,367 $27,484 $24,195 $28,796 20,747 Average among those with these sources Government student loans $23,550 $27,332 $24,036 $20,312 $28,135 17,742 Loans from financial institutions $14,729 $14,674 $14,360 $15,146 $10,132 14,154 Loans from parents/family $10,165 $9,834 $10,808 $9,501 $11,095 9,588 Debt from other sources $5,816 $6,206 $5,781 $5,504 $5,419 5,700 Although the average amount owed (among those with debt) was almost $27,000, the distribution of total student debt tends to skew towards those with $20,000 or more in debt. Indeed, among those reporting debt, students with $20,000 or more in debt make up 58%, but they make up just 29% of all graduating students. Table 49: Total debt All Group University of McGill students 1 2 3 Victoria University (n=18,144) (n=5,612) (n=7,916) (n=4,616) (n=454n=564) No debt 50% 47% 47% 56% 5268% Less than $5,000 4% 4% 4% 4% 54% $5,000 to $9,999 5% 6% 5% 6% 5% $10,000 to $14,999 6% 6% 6% 7% 5% $15,000 to $19,999 5% 4% 5% 5% 3% $20,000 or more 29% 33% 33% 23% 3015% Differences by age. As students get older, the average debt level (among those reporting debt) increases steadily from $22,505 for those 20 and younger to $36,135 for those 30 and older. Also, as students get older, they are more likely to report acquiring debt from financial institutions (increasing from 6% of those 20 and younger to 25% of those 30 and older).

Debt sources. We asked students to identify the repayable debt they have incurred from financing their university education, which was defined as money students had acquired to help finance their education that they owe and will have to pay back. Half of students report owing money to at least one of the four sources tested, although some sources are more common than others. As Table 47 shows, 40% report debt from government student loans, which is about three times as much as those who report debt from financial institutions (15%) or parents or family (13%). Table 47: Sources of debt All Group University of students 1 2 3 Victoria (n=18,144) Group UFV (n=434) 1 (n=5,612) 2 (n=7,916) 3 (n=4,616) (n=454) Any debt 50% 53% 53% 44% 4850% Government student loans 40% 42% 45% 35% 3834% Loans from financial institutions 15% 16% 14% 15% 1415% Loans from parents/family 13% 14% 14% 11% 1316% Debt from other sources 5% 7% 5% 4% 69% Among all graduating students, the average education-related debt at the time of the survey is about $13,331. When we consider only those who report having any debt, the average amount doubles to about $26,819. Looking at the debt among students who report debt from that source shows that not only do students rely on government student loans more often, they also account for the highest levels of debt at $23,550. Loans from financial institutions, although used by just 15% of graduating students, account for $14,729 in debt, indicating that those who do use these loans rely on them fairly heavily. Students also have a fair amount of debt from family and friends ($10,165), but not to the same degree as government student loans or loans from financial institutions. Among those with debt, Group 1 ($29,367) students tend to carry more debt on average than Group 2 ($27,484) and Group 3 ($24,195) students. The driver of this difference appears to be government student loans, as the average debt from the other three sources is very similar across university groups. Table 48: Average amount of repayable debt All students (n=18,144) Group University of Victoria UFV (n=454n=434) 1 (n=5,612) 2 (n=7,916) 3 (n=4,616) Average total debt All respondents $13,331 $15,571 $14,663 $10,617 $13,858 12,695 Those with debt $26,819 $29,367 $27,484 $24,195 $28,796 25,508 Average among those with these sources Government student loans $23,550 $27,332 $24,036 $20,312 $28,135 27,198 Loans from financial institutions $14,729 $14,674 $14,360 $15,146 $10,132 11,013 Loans from parents/family $10,165 $9,834 $10,808 $9,501 $11,095 8,427 Debt from other sources $5,816 $6,206 $5,781 $5,504 $5,419 5,122 Although the average amount owed (among those with debt) was almost $27,000, the distribution of total student debt tends to skew towards those with $20,000 or more in debt. Indeed, among those reporting debt, students with $20,000 or more in debt make up 58%, but they make up just 29% of all graduating students. Table 49: Total debt All Group University of students 1 2 3 Victoria (n=18,144) Group UFV (n=434) 1 (n=5,612) 2 (n=7,916) 3 (n=4,616) (n=454) No debt 50% 47% 47% 56% 5250% Less than $5,000 4% 4% 4% 4% 57% $5,000 to $9,999 5% 6% 5% 6% 58% $10,000 to $14,999 6% 6% 6% 7% 57% $15,000 to $19,999 5% 4% 5% 5% 32% $20,000 or more 29% 33% 33% 23% 3025% Differences by age. As students get older, the average debt level (among those reporting debt) increases steadily from $22,505 for those 20 and younger to $36,135 for those 30 and older. Also, as students get older, they are more likely to report acquiring debt from financial institutions (increasing from 6% of those 20 and younger to 25% of those 30 and older).