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Student loans
By Alex S and Eric S
The United Kingdom provides students with financial aid for university fees and living expenses. New full-time students in England can apply for a tuition fee loan up to £9,250 for courses taught at publicly-funded institutions and the loans do not depend on household income. The UK offers three different student loan plans: Plan 1, Plan 2 and the postgraduate loan. You can begin to repay the loans once you have a steady income that is above a set threshold for each plan. You pay 9% of the amount for plan 1 and 2 and 6% for the postgraduate loan. You do not pay anything if you are below the threshold and interest, 1.1% for plan 1 and 5.6% for plan 2 and the postgraduate loan, begins being added after you get your first payment. This shows that university fees in the UK are expensive but manageable with the easy to repay loans and low interest rates.
Tuition fees range from $5,000 to $50,000 (£4,074 - £40,746) per year. Most undergraduate degrees last four years, so, on average, students are graduating with $132,860 (£101,505) worth of debt. However, the scholarships offered are in some cases extremely generous, with athletes that are competing at a national level for their countries able to get a 100% scholarship with a paid for trip once a year back to their home country. The U.S. Department of Education's office of Federal Student Aid provides more than $120 billion in financial aid to help pay for college or career school each year. Student Loan Debt in the United States has grown rapidly since 2006. The debt was ~$1.6 trillion in 2019 which was ~7.5% of 2019 GDP. Approximately 45 million people have student loan debt. In 2018, the average borrower owed $37,172 at the time of graduation, an increase of $20,000 from 2005. Student loan debt is unevenly distributed, and race and social class are significant factors in the distribution of student loans. The default rate for borrowers who didn't complete their degree is three times as high as the rate for those who did.
Public universities in Norway are completely free, even for foreign students. However, this does not account for living expenses and others along those lines. To help with that matter a government agency known as The State Educational Loan Fund offers loans and grants to give the same possibilities for education to students regardless of their background.
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