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?
In: 9
A lot has to do with where you live. Some states offer free college, some states if you don’t get a scholarship and you get accepted into a really great school. You have to pay and college loans are just the easiest option because they’re betting you’ll graduate and get a good job that’ll allow you to pay that loan back.
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