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Student Debt Crisis – A Generation Buried in Student Debt Student debt insolvencies on the rise Student debt in Canada is in a crisis. We say this because we see the negative consequences of more and more young people taking on student loans, in higher amounts. In 2018, student debt contributed to more than 1 in 6 (17.6%) insolvencies in Ontario 1 , a record rate since we began our study nine years ago.