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The student debt crisis is a unique phenomenon in the US whereby students are financially crippled by debt taken out to pay for higher education. This crisis has arisen from finance capitalism's parasitic drive for increased profits.[1] 44 million Americans collectively hold about $1.6 trillion in student debt.[2]
The reason this crisis is unique to the US, is because many other countries offer higher education at much lower costs; many offer tuition-free education[3], or very cheap education[4], and some countries even offer to pay students for their time in university, to incentivize them to attain higher levels of education rather than immediately entering the workforce.[5]
References
- ↑ Student debt crisis: How American educational institutions fail communities by People's World
- ↑ How student debt became a $1.6 trillion crisis by CNBC
- ↑ 10 European countries with free or virtually free college tuition
- ↑ 7 Countries With Nearly Free College: Where You Can Study Abroad for Close to Free
- ↑ This Country Is Literally Paying Students to Go to College