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by wbillingsley
3238 days ago
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In Australia, bachelors degrees are $15k to $30k, and you don't pay until you have a job. And with the benefits rules, sometimes you can receive more in benefits to enable you to study than the student debt you'll incur. I'm a little surprised US undergraduate tuition manages to stay that high, as it seems it would often be cheaper to migrate to Europe or Australia for the purposes of study (and Australia and Europe are quite receptive to that... education is Australia's third biggest export...) |
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Some US student loans work this way with income-based repayment. However there are plenty of gotchas: It only applies to federal loans. Many people with large amounts of school loans > $15k-20k/year for 4-5 years can't actually get this much in federal loans, and also only a subset of what they can get has subsidized interest. I'm not sure whether loan interest continues to accrue normally in the period where payments are reduced. I think this depends on the type of federal loan and there are quite a few. Some are completely unsubsidized (i.e., accrue interest while in school).