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

[DragonFire]

The Swedes have it best. State sponsored university education. No fees, no loans if you are an EU or Swiss student. International students pay about $20k a year.
BTW I heard PhD is free in Sweden - even for internationals.

 

[chaiscool]

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

Likely lower if adjusted for PPP though

 

[anthonygreenisreal]

The consumerism culture of US is just too high. They got habit of taking loans or credits or buy now pay later to fund their lifestyle habits even though they could not afford it in the first place.

Whereas in Singapore we are much more prudent with our expenditures possibly due to being Asian or Chinese, we better at Maths? Know how to count interests

 

[the_dog]

They almost everything is credit card.

Even things like a new bread toaster or the new chair grandpa wants.

the term "max'ed out card" is invented by them

 

[ahnyaahnya]

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.

Get loan from parents not same as Get loan from outside lenders

 

[Kain999]

Cos their education teach higher value skills for them to be individuals, express their rights etc etc. whether it is good or not is another matter.

Our education is meant to dumb down the population so they become mindless drones to be used as batteries and then discarded by our capitalist gahment. Ownself brag the best but no Nobel winners.

So or course ours should be much cheaper. In fact, if we think about it, we should be getting paid to attend local unis that is worth less than Bona fide uptron diploma.

 

[ahnyaahnya]

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.

Most students here live with parents, get allowance (food and transport). Lucky ones get a car or drive parent's car , or even get chauffeured by parent.

 

[Justrade]

Don't think their country in debt because of study loans. Those couldn't trigger into trillions. It's their defence/military spending. Plus their billionaires don't pay taxes because of loopholes.

 

[ahnyaahnya]

They almost everything is credit card.

Even things like a new bread toaster or the new chair grandpa wants.

Nothing wrong with charging everything to credit card. I do that too.
Just need to be able to control your expenses, and to pay up every month

 

[ahnyaahnya]

what is your metrics?

i'm comparing US citizen to US public uni vs SG citizen to SG public uni

1. SG public uni is between $10k to $20k after subsidy for SC.
2. US public uni is also between $10k to $20k for their in-state residents.

What's the figure for NUS and NTU ?
Why use SMU figure instead?

 

[HushiePuppies]

What's the figure for NUS and NTU ?
Why use SMU figure instead?

chatgpt la. NUS/NTU is about the same.

 

[kgluong]

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?

It's as hard as writing a check to the school. No taxes.

 

[kgluong]

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

Rich people are taxed the most in the USA.

 

[kgluong]

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

Why paid for your children higher education when you can get cheap students loans from the US government with a 30 years payback after graduation.

 

[kgluong]

give u a little perspective

my 2 rascals are in State University and their fees are like 16K per yr per person

one rascal is graduating this yr , the other another 3 yrs to go - 16K a yr

if they had went to a private or so called ivy , its like 80-100K yr per person .. who the hell can afford , my butt is not itchy .. so i told them State Uni is good enough ..

Sgp still the best .. the fees are cheap ... @cyke69sg would agree

It depends on your wealth and on your kids academic score.

If you are poor or your kid has a high academic score and not rich, ivy League is very affordable.

College especially Ivy can provide free or very low tuition fees for poor and high academic score students that aren't rich.

There also grants that are given out to poor and high academic score students that aren't rich.

One of my friends kid only paid 8k a year to go Browning Ivy League college because of high academic scores and middle class.

 

[kgluong]

I believe saving up is generally not in the mind of Americans.

American do save up a lot of money just not voluntary. Money are taken out of their paychecks for social security and 401k.

A lot of Americans retired millionaires because of their 401k.

 

[kgluong]

It is a ploy from the banks lending these "student loans"

The student loans are not merely to pay for college tuition and fees and books.

Can be used for
College tuition and fees
Books and supplies
Dependent care expenses eg babysitter, nanny, daycare for kids
Study abroad
Dining out
Entertainment
Housing expenses
Room and Board
Transportation
Debt
Equipment
New vehicle
Vacations
Car expenses
Groceries
Off-campus housing and utilities
Spring break

What many students do is they start spending like they are already graduated and earning high income in their field eg lawyer engineer doctor

The loans do not need to be paid UNTIL they graduate.

So they rack up the debt big big. Then start working and realize wow I got to pay off all that?

Banks happy to let them spend then later hold them for life.

The US government are the one issuing student loans. Banks can't complete with the amount of loans, low interest, and anyone can qualify that the US government offer.

Government student loans go directly to the university. Student won't see a penny of it in their bank account.

 

[kgluong]

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

The US government is the one that's doing student loans. Getting student loans from banks is hard.

 

[kgluong]

Most students here live with parents, get allowance (food and transport). Lucky ones get a car or drive parent's car , or even get chauffeured by parent.

When a kid go to college that isn't community college. The kid leave the parents house and live in campus even if the parents home is next to the college.

There are thousands of colleges in the USA. Kids picking a college takes lots of effort because there so many to choose from.

 

[silent_espy]

Maybe its juat my circle, but so far I dont know a single sinkie who paid their own uni fees. Every single one of my relatives and friends all paid by Lao bei lao bu so that settles it. However, in US after 18 the parents wont pay for them, so up to them to foot the bill.