Total student debt in Canada has risen by 6.2 per cent a year over the last 10 years to $42.9 new study by research company Strategic Insight.
A lot of that debt, the report says, can be blamed on parents who have spent so much money they don't have enough to save for their children's college or university fund.
Debt may actually be an intergenerational problem, says Strategic Insight's senior managing director, Carlos Cardone.
"There is almost like a spillover effect," said Cardone.
"Families are dealing with more debt, and as a consequence of that, they may not have the capacity to save all the money they would like to save for things like education."