What chanel is that? Google says it is Russia Today, but quite how US college loans relate to Russia I'll never know. Very well, ahem, presented news nonetheless.
As for student loans, US colleges cost up to 40k a year depending on which college etc. Plus maybe 20-30k a year subsistence (most of the colleges are in pretty expensive parts of the US e.g. New York, Chicago, Berkeley or dedicated student towns like new haven, cambridge etc) so youre looking at maybe 70k a year for 4 years. Assuming part time work of 15k that's still 55k of debt per year.
In Ireland, the most that would be loaned to a student would be maybe 10k.
I wonder, have the student loans created a bubble in college fees? The cost of tuition privately paid in Ireland is more along the lines of 5-10k p.a. in Trinity and while US ivy league colleges are clearly much better, are they 4 times better?
We're not talking about just the Ivy League colleges that cost serious whack; if you're attending college anywhere outside your home state, you can expect to be paying 25-40k PA for colleges that barely scrape into the top 500 colleges in America.
Education is a business in America.
The most insidious part of the story is how & why this debt got lent. We look at the bankruptcy regime in the US & think how much we'd like something like that, but guess which debt can never be written off ? That's right, your college loans !
But why wouldn't you continue lending when you know that the debt will always, always have to be paid back. Much like the Sub Prime, where the mortgages were never viable, there is no shortage of student loans out there, where it was pretty obvious that the 'student' hadn't a snowballs chance in hell of completing the course & getting a job to pay the debt. But there is a mystical 'Qualifications Ladder', just like the Property Ladder.