It is crucial to see the global picture in terms of student debt. Signing a loan might get you a degree, but a degree is no guarantee of a job, or worse, enrollment in an institution does not guarantee a high quality education. This seems to be a problem all around the world.
“Congratulations to all the A-level students who got the grades they need and are heading to university this autumn. But a growing band of young adults are spurning a conventional British university and pursuing other options, ranging from high-level apprenticeships through to scholarships and degrees from low-fee universities abroad.
The prospect of sinking £50,000 into debt, albeit funded through student loans, which don’t have to be repaid until the graduate is earning a decent income, is deterring even top students from heading to a British university. Depressingly, four out of 10 students (43%) are not expected to have cleared their debts 30 years after graduation.
Other debts raked up during term time need to be paid back more urgently, such as overdrafts, credit cards and, in particular, payday loans. A survey by the National Union of Students last year found that more than 40,000 students had borrowed from payday lenders…
View original post 8 more words