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

[ahnyaahnya]

Their uni costs roughly twice of NUS/NTU, or roughly same after factoring in PPP

The difference is, when they take loan it's news, when we take loan it's expected.

I think it's not common for our local students to take loans

 

[heroking]

their loan very easy to take
even u no income also can lend from bank

 

[ahnyaahnya]

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?

Pocket money how much?
The loan amount how much?

 

[rodimus_prime]

There are lots of scholarships available. I would say 95% of asian students would qualify. The asian students I know who studied in US unis, none have student debt.

 

[ahnyaahnya]

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

If have inheritance tax, leasehold will also be subjected to such a tax

 

[forests_gump]

If have inheritance tax, leasehold will also be subjected to such a tax

probably, coming from Pay and Pay... daft sinkie would buy that... but that would be paying for inheriting a long leasehold contract

 

[ahnyaahnya]

probably, coming from Pay and Pay... daft sinkie would buy that... but that would be paying for inheriting a long leasehold contract

Well, it has value. So why would it be exempt ? They can just sell it and pocket the money. Very probably would as most will be property owners already

 

[virtualape]

Their houses and cars cheaper if you are looking at suburbs and getting an altis.

In life there are only a few big ticket items. House, medical, education and divorce and car if we are sinkie according to an amdk client of mine.

 

[LoaGong12]

Aiya they earn GAO GAO lei

absolute rubbish.
not everyone works in tech n finance
then there’s state AND federal tax

 

[chaiscool]

I think it's not common for our local students to take loans

Nahh it's common. Moi know someone from SIT say he lowest tier so qualified for max financial aid but after grad still got like 30-40K debt. Although local uni ones like nus/ntu who get scholarships have lesser debt but still debt cuz not 100% covered even for global merit scholarships.

Even those go poly also got take loan, think a lot take cpf loan from parents kind.

 

[jkohlc2]

that's because sinkieland is managed by PAP

checkmate oppies

 

[SpecialKeyboardService]

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?

cos got many reasons

1) here many people went poly but realised bell curve ensures that they will not end up in local uni but private uni

2) sinkie breed too less kids but some breed like rabbits (well, it doesn't matter, if they can enter nus or ntu, they can study for free) iykyk

3) here education is subsidised by moe, students can do part time work or onlyfans if they want pay back student loans

 

[chaiscool]

cos got many reasons

1) here many people went poly but realised bell curve ensures that they will not end up in local uni but private uni

2) sinkie breed too less kids but some breed like rabbits (well, it doesn't matter, if they can enter nus or ntu, they can study for free) iykyk

3) here education is subsidised by moe, students can do part time work or onlyfans if they want pay back student loans

Nahh they have community college and state universities which is the cheaper option too. Imo their debt is cuz they study "abroad" away from your home so need pay for accommodation and living expenses which is part of their debt. Sinkie can just stay at home nia.

Local uni is not 100% free even for poor ones and scholars.

 

[kgluong]

Parents are less likely to fund university studies.

The chance US parents paid for their children college is extremely low.

Anyone US citizen regardless of race and age can get federal student loans. That means the parents doesn't have to put a cent into their children college education.

 

[kgluong]

Nahh they have community college and state universities which is the cheaper option too. Imo their debt is cuz they study "abroad" away from your home so need pay for accommodation and living expenses which is part of their debt. Sinkie can just stay at home nia.

Local uni is not 100% free even for poor ones and scholars.

Community college is cheaper but still more than what Singapore pay for college. Over 10k a year.

 

[kgluong]

The main problem why college cost soo much in the USA is:

1: easy access to students loans.

2: brainwashed kids that think you need a college degree to be successful.

So you got lots of demands with the students having access to a lot of money. This drives the price up for higher education.

So what you have is a lot of kids that graduated from Universities become taxi drivers because when everyone have a college degree, the degree is worth less.

My friend two kids is probably paying 80k to 200k a year for their education. Keep in mind this is everything including housing, food, books, transportation, etc. while in college.

 

[arm4da]

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?

I also wanted to know.

simple. predatory loans.

they can repay for years but very little of the payment goes towards the principal

 

[kgluong]

simple. predatory loans.

they can repay for years but very little of the payment goes towards the principal

The US government is the one doing the loan. Student loans aren't predatory and that is the problem.

Anyone can get it.

Don't have to start paying it back while in school.

Low interest and can stretch out to 30 years. Way lower than what the banks are offering and you can take your time replaying it.

 

[DragonFire]

I am sure there is a way around it, no?

No, The $19000 a year is already a pretty fair amount. It is revised every few years to account for inflation.
Not so long ago it was $10,000 iirc.

US tax policy is centered around every individual citizen and permanent resident paying their dues to their government. The gift taxation bit is key for making sure certain immutable taxes like estate duties are properly applied... else parents could just get away with giving their children substantial amounts over time to escape the eventual 40% tax on all assets over $1m USD (between 0 and 1m it is a incremental amount, maxing at 40%)

The long way around is to set up a perpetual trust and have the kids receive their inheritances from the interest generated. That way the capital remains in the books of an immortal entity, and the kids need not pay tax unless they decide (presuming they have the authority to) liquidate trust holdings.

 

[mcylo]

Who say sg don’t have? I had to bank loan for my degree. Needed to juggle full time job and part time study

I also leh……one year after graduation, need to pay $800 from my $2400 salary to settle the loan…..it took about a year to repay everything……welll, those are the days