VANCOUVER (NEWS1130) – School is just a couple of weeks away, and unfortunately there is some bad news for those going to either college or university.

Those of you who plan to take out loans will graduate more than $20,000 in the hole, according to a new BMO survey.

Jeff Brown with BMO says one-fifth of students also expect to graduate more than $40,000 in debt, but nearly half think they’ll pay it off within five years.

“There are opportunities that you can use to sit down and talk to somebody and say, ‘What can I do to ensure that I’m ready for the after-school aftermath that comes with student loans,’” explains Brown.

There’s also more bad news if you’re doing a four-year degree. Research from the federal government shows tuition, supplies, housing and other expenses will cost $60,000.

The Canadian Federation of Students notes the average debt is about $27,000, while the Canada Student Loan Program says most take a decade to pay loans off, some taking the maximum 14 and a half years.