About 3,000 students applied to McGill for loans or bursaries to help them out. You'll have students coming in from Toronto and paying much more money than they should for an apartment. They'll think they got a great deal. Still, Stymest says students earn a bum rap from some for being careless and financially negligent. Student bankruptcies and loan defaults are higher than they are for the general population, but it's still a relatively small percentage.
Most students pay back their student loans.
Most students are responsible. Easy access to credit and a serious shortage of available cash can make for a volatile combination, says Stymest. Students can get several credit cards with very little effort. We see students using credit cards to pay for groceries. The bills rack up.