Student Loan Debt CRUSHING Millennials, And The Economy

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Published on July 22, 2018 by

“Higher tuition fees led to an increase in student debt of as much as 74%, according to new research. And while students from higher income backgrounds have been able to turn to their families for help with the debt, those from more disadvantaged backgrounds are increasingly having to work to pay their way through university, or opting not to go in the first place. A survey of income and expenditure among students has, for the first time, captured in detail the impact of the U.K. government’s controversial decision to lift the cap on tuition fees. While fees had previously been limited to a maximum of £3,325 ($4,715) a year, they were raised to a maximum of £9,000 ($12,760) with effect from September 2012, and now stand at £9,250 ($13,115) in all but a handful of universities, making U.K. students the most indebted in the world. The survey found that while first year students had an average net debt of £5,933 ($8,411) in 2011/12, by 2014/15, after the cap on tuition fees was raised, that figure had risen to £10,300 ($14,600), an increase of 74%.”* Hosts: Ana Kasparian, Mark Thompson

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