Canada's about to make it a lot easier for low-earning graduates to repay their college debt, Global News reports. A new plan allows those earning less than CAD $25,000 (USD $18,650) per year to defer payment on government loans until they secure a higher-paying job. Almost 750,000 young Canadians have some sort of student debt to deal with, Quartz reports. The new program will only apply to government-issued Canada Student Loans.
The average Canadian student graduating college with student debt owes CAD $26,819 (approximately $20,000 in US dollars), according to the International Business Times. That's not bad compared to US students, who are graduating with an average debt of $35,000 these days. Canadians also pay about half as much in tuition costs as Americans do, on average. But that doesn't mean student debt isn't a burden to young Canadians—the National Post reports that universities are increasing mental-health services on campus, as the stress can silently eat away at some students. (More money stories.)
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