A report released last month by the Maritime Provinces Higher Education Commission warns that student debt in the Maritimes has exploded in recent years.

The study, Five Years On: A Survey of Class of 1999 Maritime University Graduates, found that average student debt rose an astounding 33 per cent over the five-year window, from $21,117 in 1999 to $28,078 in 2004.

“Student debt is spiraling out of control,” said Danielle Sampson, Nova Scotia representative for the Canadian Federation of Students. “After looking at these results, how could any of the Maritime premiers sit back and watch while tuition fees continue to increase, leaving students in their provinces with increasing debt loads?”

The commission’s report also found that 73 per cent of all students in the Maritimes ended up borrowing to finance post-secondary education and that almost one in four of all borrowers graduated with a debt load in excess of $40,000.

The average student debt-to-earnings ratio has now risen to the point where many students are finding it difficult to repay their loans. The average debt-to-earnings ratio for all borrowers was 12 per cent in 2004, or “4 percentage points above the commonly recognized threshold of 8 per cent beyond which perceived difficulties with payments increase significantly,” the report said.

Student groups insist the increased debt burden facing graduates demands immediate action.

“Tuition fees must be reduced and more grant aid is needed if governments are going to reduce this trend,” Sampson said. “Without immediate action, students will be driven deeper into debt, while others will have to forgo post-secondary education altogether.”