Cost-Anxious Teens Look to Canada for College

About one in six people who owe money on their student loans is in default. Such a debt load is a harsh reality that is forcing a growing number of young people to look north to Canada for an education they can better afford.

Six percent of McGill's student body is American, and the ranks are growing. The number of U.S. students at Canadian colleges rose 50 percent in a decade, and now about 10,000 Americans attend Canadian colleges, according to the Institute for College Access & Success.

That institute also says graduates from an American university can expect, on average, to carry more than $26,000 in debt. And about 9 percent of those grads default on student loans within two years.

The largest cost of going to school in the United States is the tuition, which is astronomical compared to Canada. At schools such as the University of Chicago and New York University, the annual tuition tops $40,000, far above their Canadian counterparts, which benefit from a tradition of robust government support.

Image: Canadian flag, via Shutterstock

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