The number of countries across the world which have the highest student loan debt features the university that has the most debt in terms of the accumulation of debt sustained by student defaulters who by various reasons have failed to cover up their debts.
Student debt is a form of debt that is owed by any attending or formerly withdrawn, or graduated student to a lending institution, or to a financial institution under the government’s control of program which offers student loan. This type of loan is the amount that is given to student with legal binding on repayment.
The debts may be owed to the school (or the bank) if the student has dropped classes and withdrawn from the school, or if the student has graduated but is underemployed. Withdrawing from a school, especially if a low (or no-income student) has withdrawn with a failing grade, could deprive the student of the ability of further attendance by disqualifying the student of necessary financial aid.
Student loans also differ in many countries in the strict laws regulating renegotiating and bankruptcy. Due payments may be a retroactive penalty for services rendered by the school to the individual, including room and board. As with most other types of debt, student debt may be considered defaulted after a given period of non-response to requests by the school or the lender for information, payment or negotiation. At that point, the debt is turned over to a Student Loan Guarantor or a collection agency.
Below is the only university that has the most debt:
United Kingdom
Followed closely by the United States, the United Kingdom has some of the highest rates of student debt. The growth of these student debt rates over the last 50 years have largely been attributed to the governments desire to increase student participation in higher education. Now, the UK has adopted a plan based on “Income Contingent Loans” to allow students to pay back loans at a rate proportional to their level of income post-graduation.
Read Also: Top 10 Countries that Have the Highest Student Loan Debt
There is concern about the level of student debt in the United Kingdom. There is also concern about possible changes in government policy forcing graduates to pay back more. Most student loans will never be repaid, Adonis also states that university leaders have failed to improve teaching standards but rewarded themselves handsomely with high salaries. The Institute for Fiscal Studies claims that 75% of graduates will never repay all their debts.
Until the government removes their right to retrospectively change terms, you as a borrower appear to be on the hook to future policy changes. These latest figures show student debt is becoming of greater priority with every passing year. Student debt is the fastest growing type of borrowing and is rapidly becoming economically significant.
