N.S. post-secondary students graduate with among the highest debt: Statistics Canada

Georgia Saleski wants to get a master’s degree and take the next step in their post-secondary education.

But two years after graduating with a kinesiology degree from Acadia University in Wolfville, N.S., it’s not a lack of ambition standing in the way.

A mountain of debt will follow the 23-year-old and many other Nova Scotia graduates well into their adulthood.

New Statistics Canada data shows that post-secondary graduates in the province have among the highest levels of student debt, and are less likely to have paid it off years later. 

A survey of graduates from 2020 found that those holding bachelor’s degrees from Nova Scotia accumulated an average of $39,100 in student debt — the second-highest out of all provinces.

Today, Saleski still has about $30,000 in loans to repay, despite receiving several scholarships and working during their degree.

“I simply can’t take on any more debt,” said Saleski, who now lives in Halifax and works as the executive director of the advocacy group Students Nova Scotia.

By the time the Statistics Canada survey was conducted last year, only one-fifth of respondents holding bachelor’s degrees had paid off their loans. That was the lowest proportion in Canada. In contrast, 42 per cent of bachelor’s degree graduates in Ontario had paid off their loans.

In 2020, about two-thirds of students who graduated with a bachelor’s degree in Nova Scotia left owing $25,000 or more in debt. While for college graduates, that proportion was 23 per cent.

First-year Dalhousie University student Ella Clarkson is only at the beginning of her university education. But she’s already needed about $10,000 in student loans to afford to go to school.

“It’s kind of weird to … already know that you’re going to be in debt for a while,” Clarkson said. “But it’s also kind of something that a lot of people have to do, so it doesn’t seem too crazy.”

Saleski said the province needs to increase funding for post-secondary institutions, so that students aren’t left holding the burden of keeping their doors open.

“I believe that there needs to be a fundamental shift back to what we believe the value of post secondary education to be in the province,” they said.

“It’s deeply concerning that we’re pricing our own students in Nova Scotia out of an education, and just as concerning that we’re relying on out-of-province students and international students to make up for that.”

In Dalhousie University’s 2024-25 operating budget for example, 42 per cent of revenue is set to come from provincial grants. That’s about five per cent lower than the 2020-21 budget.

“Government support as a percentage of the operating budget has declined over the past five years,” the university’s budget report noted. “Like many other Canadian institutions, Dalhousie has had to rely more heavily on tuition revenue to fund expenditures.”

In February, the province announced it will cap tuition increases for Nova Scotia undergraduate students at two per cent for 2024-25.

Small- to medium-sized universities will have their grant funding increased by two per cent, although Dalhousie University will receive no increase.