Americans Look Abroad To Avoid Student Loan Debacle
Career College Central summary:
American students are increasingly looking beyond our borders for ways to get an education without jeopardizing their financial future. Universities in Canada and even farther afield offer comparable quality at a lower cost — but you have to know where to look.
Two-thirds of college seniors who graduated in 2011 had student loan debt, with an average of $26,600 per borrower, according to the Project on Student Debt. That represents a 5 percent increase from just a year earlier — an annual rate of growth that has become standard in recent years.
Statistics from the U.S. Department of Education show that annual prices for undergraduate tuition, room and board at public institutions rose 42 percent to more than $13,600, and prices at private not-for-profit institutions rose 31 percent (after adjusting for inflation) to $36,300 for the period between 2000-01 and 2010-11.
There are many high-quality choices outside of the United States judging by the QS World University Rankings, which rates hundreds of the top universities worldwide. Elite U.S. and U.K. institutions dominate the top 10 on the latest QS list, but numerous other foreign schools earn ratings that are very similar to American schools in the top 50.
Click through for full article content.