Student Debt At The Usa

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Although there are indeed significantly cheaper options in terms of higher education within the USA - the most affordable four year degree that can be earned amounts to $75,772 - those who choose to pursue more reasonably priced schooling nevertheless find themselves burdened with extreme debt (“Study in the USA,” 2015). To illustrate, student debt in the USA is presently at a record high, as nearly 40 million Americans currently owe loans that hover around $35,000 (“Student Debt Protests,” 2016). To further exacerbate the situation, these 40 million Americans are not just expected to start paying back the original $35,000 once they find full-time employment, they are also confronted with a sizable interest rate of 3.8% which makes it much…show more content…
As the nation with the most expensive system of higher education in the developed world, not only do students in the USA borrow much more substantial amounts of money to meet escalating college costs, the USA is in fact the only country on the planet where their combined student debt - altogether equaling between $902 billion and -$1.2 trillion - outpaces all other types of consumer debt (“College Debt Crisis,” 2013). On the contrary, youth living in Sweden who have their hearts set on further education – whether that be a bachelor degree, an exchange program, or even a doctoral study – are exempt from paying tuition fees at any higher institution in the country (“Fees and Costs,” 2016). The only mandatory fee that a Swedish student is required to pay for their schooling is an exceptionally small student union fee each semester – which covers the costs of a student card, public transportation systems, in addition to entry into an assortment of activities to facilitate social integration – which equals around SEK 300 (“Fees and Costs,” 2016). In American dollars, a Swedish student will expect to pay an incredibly small
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