Student loans can follow Canadians for years after graduation, sometimes delaying life milestones like buying a home or starting a family. In this episode, Doug Hoyes and Ted Michalos explain why student debt is so difficult to repay in Canada, the risks of borrowing for education, and the Supreme Court’s latest ruling on the “7-year rule” for government student loans. If you’re still paying off your education years later, this conversation sheds light on the challenges and options for relief.

00:00 – Why student loans in Canada are a massive problem 04:00 – When can government student loans be included in insolvency? 05:00 – Why does it take so long to pay off student loans? 06:15 – The future of specific jobs—and risks of student debt 08:50 – The hidden risks of borrowing for education 11:35 – Interest on student loans: federal vs. provincial rules 12:30 – Practical tips to pay off student loans faster 13:30 – The hidden costs of prolonged repayment 16:00 – How a consumer proposal might help with student loan repayment 18:45 – The Supreme Court’s decision and the 7-year rule explained 25:00 – Planning for the future beyond student debt

Section 178(1)(g)(ii)  of the Bankruptcy & Insolvency Act  Piekut v. Canada (National Revenue). National Student Loan Service Centre (NSLSC) Bank of Canada Inflation Calculator University of Toronto Tuition Fees Info 2025 DIY Credit Repair Strategies and Free Course Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel

Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

Just two months after ChatGPT was launched in 2022, a survey found that 90 per cent of college students were already using it. I’d be shocked if that number wasn’t closer to 100 per cent by now.

Students aren’t just using artificial intelligence to write their essays. They’re using it to generate ideas, conduct research, and summarize their readings. In other words: they’re using it to think for them. Or, as New York Magazine recently put it: “everyone is cheating their way through college.”

University administrators seem paralyzed in the face of this. Some worry that if we ban tools like ChatGPT, we may leave students unprepared for a world where everyone is already using them. But others think that if we go all in on AI, we could end up with a generation capable of producing work – but not necessarily original thought.

I’m honestly not sure which camp I fall into, so I wanted to talk to two people with very different perspectives on this.

Conor Grennan is the Chief AI Architect at NYU’s Stern School of Business, where he’s helping students and educators embrace AI. And Niall Ferguson is a senior fellow at Stanford and Harvard, and the co-founder of the University of Austin. Lately, he’s been making the opposite argument: that if universities are to survive, they largely need to ban AI from the classroom. Whichever path we take, the consequences will be profound. Because this isn’t just about how we teach and how we learn – it’s about the future of how we think.

Mentioned:

AI’s great brain robbery – and how universities can fight back, by Niall Ferguson (The London Times)

Everyone Is Cheating Their Way Through College, by James D. Walsh (New York Magazine)

Your Brain on ChatGPT: Accumulation of Cognitive Debt when Using an AI Assistant for Essay Writing Task, by Nataliya Kos’myna (MIT Media Lab)

The Diamond Age, by Neal Stephenson

How the Enlightenment Ends, by Henry A. Kissinger

Machines Like Us is produced by Mitchell Stuart. Our theme song is by Chris Kelly. Host direction by Athena Karkanis. Video editing by Emily Graves. Our executive producer is James Milward. Special thanks to Angela Pacienza and the team at the Globe & Mail.

Support for Machines Like Us is provided by CIFAR and the Max Bell School of Public Policy at McGill University.

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Making only the minimum payment on credit cards may feel manageable, but it’s one of the riskiest financial habits for Canadians today. Doug Hoyes and Ted Michalos explain the real math behind minimum payments and share practical strategies for breaking out of the cycle for good. 00:00 – Setting the stage: the shift from “getting by” to falling behind 02:30 – The math behind minimum payments 08:30 – Quebec’s new rules - will increasing minimum payments make a difference? 12:00 – Canada’s credit card landscape after the pandemic: the growing debt burden 17:05 – Red flags that you’re stuck in a minimum payment trap 22:00 – Strategies to recover from minimum payment habits 24:00 – Converting credit card balances to fixed-term loans 27:00 – How to break the cycle for good

How Credit Card Micropayments Can Reduce Your Debt Faster DIY Credit Repair Strategies and Free Course Credit Card Debt Help in Canada Sign Up for the Monthly Debt Free Digest Hoyes Michalos YouTube Channel Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.