Introduction:
The student loan debt numbers are staggering. Student loan debt for over 45 million Americans is expected to total upwards of $1 trillion dollars by 2023. While this is worrisome in and of itself, it's also becoming increasingly hard for graduates to obtain jobs without paying back the loans they owe. If you have been to college, you know that student loans exist.
They can be a good thing if you will graduate with a good job and go on to make your life financially secure, but there are ways to make payments easier. This post takes a look at the top 5 countries with the highest percentage of students paying back all or part of their loans. We are the United States of America. And we're a nation of student loan debt.
The United Kingdom
The United Kingdom has the highest student loans in the world, with a total of £21 billion in loans outstanding at the end of January 2019.
The UK government provides loans to students who wish to study in the UK and is one of the largest providers of student loan funding in Europe. The UK government also subsidizes the cost of university tuition fees for students who are unable to afford them.
In 2016-2017, around 30% of students studying at university without any financial assistance from their parents or other family members. However, this proportion is likely to be much lower now that most universities offer bursaries and scholarships for those who are unable to cover their costs through normal means.
The United Kingdom has the highest student loan debt in Europe.
In the UK, the average student loan stands at £25,000, according to Student Finance England. This is more than double the amount that European countries typically pay for their students. The UK also pays its students some of the highest tuition fees in Europe, according to Student Finance England. The country’s average annual tuition fee is £3,794 ($5,525).
The United Kingdom has the highest student loans in the world, according to data from the International Monetary Fund.
The U.K. has the highest student loan default rate in the world, according to the International Monetary Fund (IMF) which tracks repayment rates for students who have borrowed money to pay for their education.
The country's overall repayment rate is 90%, but only 69% of those who borrowed money to pay for their education are paying it back on time each month. That's the second-worst rate among all countries tracked by the IMF, which also includes Germany and France in its top 10 list of countries with the highest student loan default rates.
The U.K.'s poor repayment rate is primarily due to its high cost of living and high unemployment rates among young people who have left university, according to a report by The Guardian newspaper published Tuesday morning (Feb. 5).
The United States
The United States takes the top spot as the country with the highest student loan debt in the world.
The United States has been ranked by the Organisation for Economic Co-operation and Development (OECD) as having the highest student loan debt in the world. The OECD's report on Student Loans found that students in the US have an average debt burden of $32,500 upon graduation from college.
This is more than twice as much as students in every other developed nation, except for Denmark and Norway.
The OECD report showed that students in particular are suffering from a lack of access to affordable higher education, which has led to a lack of competition among universities for students' attention and tuition fees going up without any corresponding increase in quality standards or educational outcomes.
The United States has the highest student loan debt in the world, and we're not alone. The average student loan balance for borrowers of all ages is $34,000, according to the Federal Reserve Bank of New York. In addition to the total amount borrowed, there are also many other factors that affect how much you'll pay over time.
The table below shows student loan debt in different countries around the world based on data from 2017 (as of June 2018).
The United States is the country with the highest student loans. In fact, according to the OECD's 2016 Education at a Glance report, U.S. students owe an average of $35,928 in student loans upon graduation. The United Kingdom is second on this list with its students owing an average of $34,561 in student loans upon graduation.
The U.S. is also one of only two countries where more than half of students graduate with debt above their nominal gross domestic product (GDP), according to the OECD's report "Unpaid Burden: Student Debt and Saving in OECD Countries."
In other words, the average American student owes more than they would make in their first year after graduation if they paid off their debt immediately — a burden that could prevent people from doing other things like buying a home or starting a family, or even saving money for retirement."
Canada
Canada is home to some of the world's most expensive universities and colleges, but even so, it ranks behind countries like Australia, New Zealand, and the U.S. when it comes to student debt.
According to a report from H&R Block, Canadians owe an average of $27,300 in student loans. That's more than double the amount owed by students in any other country:
The U.S.: $17,500
Australia: $13,000
New Zealand: $8,800
Canada: $27,300.
Canada has the highest student debt in the world. The country's average student loan amount is $24,000 per borrower, according to Canada Student Loans Administration.
The average total debt for an undergraduate degree-granting institution in Canada is $27,667. In comparison, the average student loan debt for a graduate program is $24,000.
Canada's student loan debt is the highest in the world.
The average Canadian university graduate has $29,800 in student loans, according to statistics from Statistics Canada. That's more than double the amount of any other country included in the survey.
And it's not just a problem for students at Canadian universities; about one-quarter of seniors who graduated between 2009 and 2012 have student debt, according to a report published by the Canadian Association of University Teachers.
Canada has the highest student loan debt in the world, according to a new report from the credit rating agency Fitch Ratings. The country's average student loan debt per borrower was $28,638 in 2018, up from $27,958 in 2017 and more than double the amount of student debt held by Canadians in 2010.
While Canada is far from the only country with high student debt levels — Australia has also seen a sharp rise in its average student loan debt — it is one of only two developed countries with a higher level of student loans than it did 10 years ago. The other is Sweden, where total student debt rose by nearly 25% over that period.
South Africa
South Africa has the highest student loans in Africa. According to the World Bank, South Africa has the highest percentage of students with debt at 86.5%. This is followed by Botswana (84%), Namibia (80%), and Lesotho (79%).
South Africa also has one of the highest percentages of students who are not able to complete their studies because of financial reasons, at 46%, according to a report by the Institute for Policy Studies.
The report also found that many students from lower-income families have debt that they cannot repay and end up defaulting on their loans. South Africa is the country with the highest student loan debt in the world, according to a new report. The country has more than 20 million people living under the poverty line and it's struggling to pay off its debt.
The World Bank says that South Africa has one of the highest levels of student loan debt in the world, at nearly 200% of GDP. That's $1 trillion worth of debt and it's expected to grow by more than $100 billion over the next decade. South Africa has the highest student loan of any country in the world, with an average debt of R4.4-million.
This is according to a report by the Organisation for Economic Co-operation and Development (OECD), which also placed Australia and Canada as the two countries with the lowest student debt levels.
The OECD found that South Africa's students have an average debt load of R4.4-million, while Brazil (R3.3-million) comes in second place after Finland (R3.7-million).
The report looked at data from 2014 to 2016 and found that tuition fees in South Africa rose by 15% between 2013 and 2016, despite government attempts to control costs and keep them at a minimum level. South Africa has the highest student loan default rate in the world. The country’s high unemployment rate, which reached 27 percent in 2013, is another contributing factor.
The government has been trying to address this issue by offering interest-free loans for university education and suspending tuition fees for public universities for the current academic year. The Ministry of Education also plans to introduce a free education policy by 2020.
Australia
Australia has the highest student loans, according to data from the Australian Bureau of Statistics. The average debt of students who graduated in 2015 was $29,800, with a median debt of $22,000. The average debt for bachelor's degree students was $36,900 and for postgraduate students, it was $61,400.
Australia has the highest student loan debt in the world, according to research by the Organisation for Economic Co-operation and Development. The OECD's report on higher education revealed that Australians took out loans worth $22.6 billion in 2016, comprised of primary and secondary school loans, tertiary study fees, and government grants.
It found that while Australia had one of the lowest proportions of students taking out loans to complete tertiary courses at 44 percent, it was one of only three countries where more than half of new graduates had taken out student loans.
Australia has the highest student loan debt in the world, according to a new study.
The country's students owe a combined $106 billion, according to the report by PwC and the Australian Industry Group.
The US comes in second place with $78 billion owed by its students while Canada follows with $22 billion.
Australia has the highest student loans in the world. According to a recent study by The Student Loan Report, Australian students are saddled with more than $200 billion worth of debt from their undergraduate education.
The country's university education costs have increased by more than 225% since 2000 and it is expected that these costs will rise even further in the coming years, according to data from the Australian Government Department of Education and Training.
In comparison, U.S. student loan debt increased by 25% between 2004 and 2013, or an average of $2,000 per year of school. The average amount owed by students at public universities in Australia was $25,564 in 2016-17, while private university students owed an average of $85,943 over four years of study - both higher than those at public universities in America.
New Zealand
New Zealand has the highest student loan debt in the world. The country's total student loan debt is estimated to be $1.5 billion, and this amount is expected to increase by 2020. New Zealand has a very high average monthly repayment of $619, which is more than double that of Australia ($352).
New Zealand's average monthly repayment is also higher than any other country in the survey.
New Zealand has the highest student loans in the world.
According to data from the Organisation for Economic Co-operation and Development (OECD), the country had an average debt per student of NZ$22,000 in 2015. The country's high debt levels are due to its higher education system and its proximity to Australia. New Zealand is only a 10-hour flight away from Australia, which means students can easily commute between their two countries.
New Zealand has the highest student loan interest rate in the world. The average student loan debt in New Zealand is $24,000. This is higher than Australia ($15,000) and the United States ($21,000).
In New Zealand, students are required to pay a 20 percent interest rate on their loans after graduation. This is one of the highest rates in the world.
According to data from the Organisation for Economic Co-operation and Development (OECD), New Zealand had the highest average student debt per borrower at $92,848 in 2013. That's more than double the OECD average of $41,878. New Zealand also ranked first in terms of the amount of money students borrowed to pay for their education: $11,080 per borrower.
Conclusion:
In the United States, millennials make up the largest percentage of Americans with student loan debt. It may come as a surprise to some people that the United States is nearly tied for the highest average student loan amount per borrower in OECD countries. The average American borrower has over $30,000 in debt to their name, which is higher than many of their European counterparts.
The USA is surely not the best country out there when it comes to student debt. This may be due to the fact that education is paid for in full by students and not their parents. It also could be due to the vast amount of debt, or it could be a combination of both.
Although data can be overwhelming, especially when it comes to economics, at the end of the day we're all just human. We are shaped by our culture, experiences, and thoughts. Our data illuminate these truths about humanity and produce exciting insights that shape the way we see our country and the world around us.
0 Comments