Forget the little white fence. Forget the house and the family. Forget to choose a job that you like, rather than one that brings you money. Retirement? Dream yourself.
Thus, Quartz commented on the significant reduction in so-called “American dream” due to the overwhelming loans granted in the United States for higher education. A decade after the Financial Crisis, the new American Dream is amazingly reduced. And the main culprit for this is the expensive higher education in the country.
The value of education can not be quantified. Knowledge is probably invaluable. But the price to go to a higher education institution in the US is definitely calculated and the figures are stunning.
A four-year stay at a private American university today, such as Harvard, Stanford or Yale, costs over a quarter of a million dollars, with the cost of accommodation, books, and training itself. Public universities are more accessible, but the cost of training requires additional funding from the student. For the University of California, they need about $ 12,500 a year for training. Providing accommodation also requires additional fees.
Huge prices make many students take credit to provide education. Americans who have earned a Bachelor’s degree at the national level owe an average of $ 30,500, according to US Department of Education. People who graduate with a higher degree are, of course, owed even more. In addition, the student debt of any student in the United States depends on which university he went to, what resources his parents could provide, and so on. Overall, the total student debt in the US is $ 1.5 trillion.