I’m not American so the concept of a college loan is very alien to me. In my country we either pay for college tuition up front, apply for financial aid if our grades are high enough and your family is needy enough, or you don’t go at all. And In some public universities, tuition is either wholly or partially government subsidized.
I’ve heard of Americans complaining how they’ve got thousands of dollars in college debt and in some cases they take your whole adult life to pay off. So why are college loans even a thing in the US and what happens when you’re not able to pay it off?
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For a long time, the philosophy in the US has been that even though it’s expensive, college is still a worthwhile investment. Plenty of need and grade based scholarships exist, but if you can’t get those, many people believe it is worth getting a loan to pay the tuition because of the higher expected salary.
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