Canada Student Loans Market Size (2024 - 2029)

Canada Student Loans Market Analysis

The Canada Student Loans Market size is estimated at USD 3.43 billion in 2024, and is expected to reach USD 4.29 billion by 2029, growing at a CAGR of 3.80% during the forecast period (2024-2029).

In Canada, students can apply for grants and loans to help them pay for their post-secondary education through the Canada Student Financial Assistance Program. The support is available for both full-time and part-time students. The application is done through the student’s province or territory of residence. There is no need to pay back grants, and the loans become payable after finishing post-secondary education. There are huge variations in the cost of undergraduate tuition fees depending on the field of study, with degrees in the medical field being the most expensive. The highest tuition fees in 2021/22 were for dentistry, USD 22,731, medicine, USD 14,604, and veterinary medicine, USD 14,374. However, graduates from these programs are likely to have a higher median employment income two years after graduating compared to other fields of study.

In recent years, higher education tuition fees have been on the rise, and so has the amount of student debt in Canada. Even though Canadian students can receive grants and loans from the Canada Student Financial Assistance Program, many are forced to use student credit cards, student lines of credit, and personal bank loans to cover the rising cost of fees and living. Approximately 1.9 million Canadians owed the federal government a total of USD 23.5 billion in student loans as of July 2022, a number that only keeps growing further when including provincial loans and private debt. The tuition fees are now 13 times more than they were 50 years ago. Over 1.7 million Canadians have student loans.

Canada Student Loans Industry Segmentation

A student loan is a specific type of loan made for students to assist them in covering the costs of their post-secondary education and any related expenses, including tuition, books, supplies, and living costs. These are typically provided by government agencies, private financial institutions, or educational institutions themselves. These loans are designed to assist students who may not have the immediate financial means to cover the full cost of their education.

The Canadian education/student loans market is segmented by type, repayment plan, age group, and end-user. By type, the market is segmented into federal/government loans and private loans. By repayment plan, the market is segmented into the standard repayment plan, graduated repayment plan, revised pay as you earn (REPAYE), income-based, and other repayment plans. By age group, the market is segmented into 24 or younger, 25 to 34, and above 35. By end-user, the market is segmented into graduate students, high school students, and other end-users. The report offers market size and forecasts in value (USD) for all the above segments.