Essay about Student Debt And College Financing

1048 Words Nov 9th, 2015 null Page
The United States is not the only country facing student debt problems, but the United States’ “level of debt incurred by student borrowers” is “unmatched abroad.” Countries across the world have various ways of handling student debt and college financing. Some opt for free education, while allocating the funds through marginal tax rates. Others allow for only one lender: the Government. Others cap lending limits, which effectively caps tuition rates.
China, Australia, Canada, U.K., Germany and Sweden are countries dealing with the student loan debt through avenues not too far off from that of the U.S. However, the attitude about higher education is fundamentally different. In those countries, higher education is considered a “public good, an investment, or a right,” in American, it’s privilege and you better find the money to pay for it, even if it means long-term debt. College is a commodity in the U.S., and that is not likely to change anytime soon. In Great Britain, one of bigger economies that operate a similar system to that of the U.S., has “98% of their borrowers meeting their obligations.” Their repayment plan is simple: when you graduate and you earning less than said threshold amount, you pay nothing, once you start earning a larger salary, you pay a minimum monthly amount, and with each significant increase in salary, borrowers will meet another threshold (assuming the borrower gets there), you then make correlated, increased monthly payments. After…

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