How come people in USA seems to be heavily in debt due to student loans but not in SG?

[forests_gump]

Wow! Chatgpt singing all praises for Singapore!!! Better ask my kids to study harder to gain entries to local universities...

You better be:

Recent it is reported Ekin Cheng rejected to reprise his role of Chen Hao Nam...quite likely because of the negative influence to the society ~

好人要演坏人（为了谋生），坏人就要装作好人（有了名利）miw always seems to brag about humble beginnings

因没学历好人要演坏人，但有了名利坏人就能装作好人...所以教导下一代好好学习、天天向上

 

[DragonFire]

Oh... They have very heavy federal and state taxes ... So take home pay is much lesser than Singapore. So if the parents take home pay is less, the kids have to take on more study loans. In fact, I'm under the impression many kids pay for their school fees by taking study loans?

It is also hard for parents to transfer wealth since gifts are heavily taxed. It is considered a gift if a parent pays off a child's education loan.

 

[Dudick]

It is also hard for parents to transfer wealth since gifts are heavily taxed. It is considered a gift if a parent pays off a child's education loan.

How difficult it is to give money directly to your children to pay off the loan? So you need to declare when you give pocket money to your children?

 

[archie7]

the benefits of not taxing rich pple and rich corporation off shore tax shield
end up burden on govt and common folks

 

[coolmyth]

Gahmen really subsidise Uni eduation a lot. And real subsidy to me unlike HDB subsidy.

Its one thing moi ish silently grateful for. Together with clean water, electricity and broadband.

 

[congster2]

Public Unis in USA are also very expensive? Or is many americans ownself backside itchy go private Uni? Or are they just bad at managing money?

Parents are less likely to fund university studies.

 

[coyote]

It is also hard for parents to transfer wealth since gifts are heavily taxed. It is considered a gift if a parent pays off a child's education loan.

Now we are learning why not having inheritance tax in Singapore is so important!

 

[ghregular]

dont be naive
my kids hv several friends
who hv made personal study loans.

shld ask why parents in usa cant afford tution fees for their kids instead.

 

[byfun]

Gahmen really subsidise Uni eduation a lot. And real subsidy to me unlike HDB subsidy.

Its one thing moi ish silently grateful for. Together with clean water, electricity and broadband.

water and electricity is super expensive in SG.. tax on top of tax . water. u have simi water conservation tax ...etc then on top of the final bill GST on top of those.

 

[wwenze]

Did you know, in USA if you serve 3 years army your uni is free

 

[Dividends]

They don't have subsidised university rates, and the cost of getting a degree is quite insane there.

 

[5adisticD3vil]

many take huge student loan for weird subject which does not have any/much jobs in the market
and they struggle to pay it off
eventually it snowball into debt
imagine you getting a 100k student loan to study Shakespeare or those fancy smlj diversity study
wtf jobs are you looking for when you graduate?

student loan is big business over there

 

[forests_gump]

Now we are learning why not having inheritance tax in Singapore is so important!

How to ask for inherit tax, majority are leasehold ~ you don't own anything, except a long lease contract...

 

[DragonFire]

How difficult it is to give money directly to your children to pay off the loan? So you need to declare when you give pocket money to your children?

You need to declare any substantial gift over $19000 a year per person. So max of $38k a year from mum and dad collectively.

This includes all material gifts - pocket money, payment of services in the benefactor’s name etc.

So, yes. You need to declare if your child receives more than $19000 pocket money a year. They have to pay tax on it.

 

[DragonFire]

Now we are learning why not having inheritance tax in Singapore is so important!

These taxes also apply to green card holders haha. So many people don’t read the fine print.
I noped out of a US education because of the fine print back in the day.

 

[serangoon1]

it's like hdb/insurance/etc

now education worldwide is very focused on profits. so got loan = increase price = increase loan = increase price

sg still got subsidized rates for sinkies

also think by culture we're still supported by parents during that phase compared to western countries

Also here they stay with parents rent free

And over there they need to pay rent themselves-lead to more debts too

 

[Dudick]

You need to declare any substantial gift over $19000 a year per person. So max of $38k a year from mum and dad collectively.

This includes all material gifts - pocket money, payment of services in the benefactor’s name etc.

So, yes. You need to declare if your child receives more than $19000 pocket money a year. They have to pay tax on it.

OMG, those who migrated from here to USA must hate their children very much

 

[wwenze]

OMG, those who migrated from here to USA must hate their children very much

Yes, only in Singapore, where parents blame children

 

[forests_gump]

Did you know, in USA if you serve 3 years army your uni is free

Oh wow, that is the real deal ~ the real NS privilege !

 

[Sen Sen]

Cos Sg kias very blessed