The cost of education and the burden of student debt are glaring problems in countries around the world.
Trillions of student debt weigh heavily on the wallets and minds of millions.
Degrees that once cost $20K to complete in the 80s can now easily cost over $100K.
Additionally, high interest rates, inflation and through-the-roof housing prices create greater barriers to repaying student loans and debt in full.
This can trap many people in a seemingly endless cycle of debt, becoming detrimental to their health and well-being.
Here are the 3 countries with the worst student loan debt.
1. The United States
Over the last twenty years, student debt has more than doubled in the US, totalling $1.75 trillion. This includes federal and private loans.
Student debt shadows auto loans and credit card debt at $1.62 trillion and $1.14 trillion, respectively.
The average student loan debt is nearly $37,853 per borrower. Over the last 30 years, college tuition prices have jumped higher than median incomes.
The average cost of attending an in-state public institution, while living on campus, is $27,146/year and $108,584 over 4 years.
For out-of-state students, this number jumps to $45,708/year or $182,832 over 4 years.
Private, nonprofit university students pay $58,628/year or $234,512 over 4 years on average.
2. England
Borrowers who started their program in 2022/23 will have approximately £45,600 (US$ 58,880) in student debt upon completion.
Currently, 1.5 million English higher education students receive £20 billion (US$6 billion) per year in loans.
By April 2024, the value of outstanding loans hit £236 billion (US$305 billion). This amount is forecasted to reach £500 billion ($US626 billion) by the late-2040s (based on 2023‑24 prices).
Like in North America, students struggle with high interest rates which makes paying off their principal balance extremely difficult.
The Government forecasts that nearly 65% of full-time undergraduates starting in 2023/24 will repay their debt in full due to recent reforms to student loan payments for new students.
3. Canada
Approximately 1.9 million Canadians owe $23.5B in student debt. On average, students owe $28K and it takes an average of 9 1/2 years to pay it off.
In 2024 and 2025, the average tuition for domestic undergraduate students in Canada is $7,360 and $40,114 for international students.
Nova Scotia has the highest undergraduate tuition fees at $9,762 whereas Quebec has the lowest at $3,594 (Statista).
While average tuition costs are considerably lower in Canada than in the US, this is still a large sum — especially for those without financial support from family members and little savings.
Student debt takes a toll
When that many people wrestle with student debt, it transcends into a country’s wider economy in many ways.
Student loan debt can interfere with an individual or family’s ability to make major purchases. Buying a home or a car becomes even more difficult without the risk of falling into even more debt.
Consumer spending becomes limited, making it harder for businesses, particularly local businesses, to thrive.
A study by the Ewing Marion Kauffman Foundation found that high student debt is linked to the decline of new entrepreneurs between the ages of 20 and 34.
Therefore, wider economic growth and recovery becomes harder to achieve.
Student debt & mental health
Student Loan Planner found the following results in their 2024 mental health survey:
41.5% of participants battle depression due to student loan debt.
43.5% have felt hopeless in paying it off.
78.9% of borrowers have major anxiety related to their loans.
One in 16 student debt carriers experiences suicidal ideation.
Our financial health is tied to our mental health, which dictates how well we can perform and function on a daily basis.
Reaching our goals and contributing meaningfully to our communities is more difficult when we’re unwell.
If you are struggling with student debt and are seeking support, please feel welcome to contact us.
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