Heavy debt loads weigh down prospective job hunters

Bilan Arte is pleased she's finishing up her degree at the University of Manitoba - a double major in criminology and political science.

She'd like to do her master's, but instead, like many students this time of year, may soon be looking for a job. 

It's part of the reality for many students given their high debt loads.

Arte, who's 21 years old, is nearly $20,000 in debt.

"It's crazy," she said. "When I think about it, it really adds so much stress."

Outstanding student loans in Canada total $14.6 billion, but the federal government said that number fluctuates as students make payments on their loans.

The Canadian Federation of Students told CBC that's the highest it's ever been.

It said in 2012, 59 percent of students graduated with an average debt load of $24,579.

TD Bank chief economist Craig Alexander said while an investment in education is worthwhile, students should choose a profession wisely.

"If you take on a lot of debt to get a degree that's going to (give you) less marketable skills, then you are going to have a tougher time when you graduate," he said.

Arte concedes her hope of continuing her studies may not be the smartest move right now.

"It's knowing if I do continue, I might be looking at racking up close to $50,000 of student debt."

For now, she's thinking she'll concentrate on paying down what she owes now.