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Finance News - 32% of American Students Unable to Pay Off Their Debts

32% of American Students Unable to Pay Off Their Debts

  • Marina Avramovic
  • May 5, 2022

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.

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Marina Avramovic

Marina is a content writer and a film-maker who spends most of her time in front of the computer, writing articles and blog posts on various subjects, learning fictional languages or editing avant-garde movies. This compulsive penchant for learning new ways of dreaming and writing became her dream job. When she's not obsessing about work she tries to cook, read dystopian novels and go on adventures with her dog.

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