Above Average, At Least In Student Loan Debt

Above Average, At Least In Student Loan Debt

I don’t know what defines millennials as a generation more accurately – our love of avocado toast, or our crippling student loan debt.

When I graduated in 2015, the average Canadian owed $26,819. Ever the overachiever, my debt topped out at a staggering $130,455 for my undergraduate, graduate, and law degrees.

That was over two years ago, so let me catch you up:

  • May-June 2015: Graduation. Cross-country move. Jobless panic.
  • July 2015: First full-time job! Checking the debt balance … OH FUCK.
  • August 2015-October 2015: Loans in grace period, interest still piling up.
  • November 2015-October 2016: Loan payments begin. Making the minimums (because I ‘couldn’t afford’ to make higher payments) and getting nowhere – $8,500 principal paid in 12 months.
  • November-December 2016: Realized that being shackled to student loans for another decade was unacceptable.¬†Majority of time spent reading Mr. Money Moustache and listening to The Dave Ramsey Show. Started tracking my progress on Instagram¬†@debtstoriches.
  • January-June 2017: Cut down lifestyle, $12,900 principal paid in six months.

So where am I now? $106,300. Still six figures, but not *quite* as astronomical as $130,455.

My plan is to knock out the remaining debt in 2021 and then.. start buying myself the freedom to make choices based on life rather than money.

 



3 thoughts on “Above Average, At Least In Student Loan Debt”

  • How does a Canadian end up with $130,000 in student loan debt? Would be a good story and helpful to understand. I had a little north of $200,000 when I graduated law school in the Ul. Those were some dark times! You make progress slowly but surely and it looks like you’re doing good! Congratulations for coming up with a plan and executing it. We’ll be cheering you on.

    • Tuition and fees were approximately $60,000. I completed a graduate degree as well, so I had a higher total cost and was in university for longer than most law graduates. I think I had about $5,000 from my undergraduate degree. The other half was living expenses. I worked part time during the academic year and full time in the summer, but making lower salaries – basically enough to pay rent. I definitely overspent at times, thinking I would easily pay it back later. When it comes down to it, I just didn’t pay enough attention and it all added up!

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