1) Degrassi does contain mild language. If you wanted to edit the small profanity, you would have to do a voice over. Ex: Crap (nonsence, turd, stuff); Hell (heck)
2) The greatest amount of degrassi episodes contain sexual content and drug use. That makes the episodes too controversial to edit. But if you wanted to edit the episodes that revolve around drugs, sex and other health issues, check out Nickelodeon's "As Told by Ginger"on YouTube and see how they made it appropriate for younger audiences. Or if Degrassi airs on a channel called the CW see how they edit the episodes.
3) Degrassi isn't for kids. It is a show for teens and young adults. If your child is about 11-16 they should be used to the profanity enough. It's not as if I'm suggesting it, but it's up to you if you want your children to watch it.