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
North American Colleges and Universities simply pull more of their revenue directly from students. Since a university degree is essentially the minimum standard for any career other than service/manual labour occupations, and since such jobs pay a pittance, prospective university/college students must either depend on financial help from family, or take out a loan.
If it sounds ridiculous, that’s because it is.
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