Market Size of Canada Student Loans Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 3.43 Billion |
| Market Size (2029) | USD 4.29 Billion |
| CAGR (2024 - 2029) | 3.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
