Based on the Global Student survey conducted on 17,000 undergraduate students across 21 countries, 1 in 3 American undergraduates, or 32%, believe they will never be able to pay off their student debts seeing how the average student loan debt in the US is approximately $39,351 per person.
However, this isn’t a unique problem in the US. The situation is similar in Germany and the UK where the percentages are even higher — 61% and 48%.
Also, while 53% of the survey’s US respondents declared that university education was worth the money, 25% strongly disagree with this statement.
The main reason students in the US opt for online courses is to save money.
Namely, although 44% of American students believe their professors have trouble teaching effectively online, most respondents (78%) said they would select more online classes if it meant saving money on tuition.
The survey also shows that the ongoing pandemic left a permanent mark on most students. 60% believe that the pandemic had a negative effect on their college experience, and 40% anticipate that it will negatively impact their careers.
In addition, 32% of students reported having their mental health worsen after returning to the campus after lockdown.
Of those who reported increased mental health issues after returning to campus, 43% attributed it to different college experiences, 52% to lost social skills/confidence, and 31% to a preference for studying from home.
Other contributing factors to poor mental health were financial worries associated with the cost of living.
On that note, 57% of students worldwide and 55% of American students reported having difficulties with housing costs, food costs, utility bills, or medical treatment/services in the previous year.