And this is the way things will go in the UK if University fees are not reigned in, or better still, abolished completely.
America’s student loan debt level has reached a crushing total of $1.16 trillion, according to a quarterly report on household debt and credit released this month by the Federal Reserve Bank of New York.
To put this $1.16 trillion figure in perspective, it is more than the annual gross domestic products of Denmark, Greece, Chile and Israel — combined.
With a collective annual GDP of about $1.14 billion (as tabulated by the International Monetary Fund), the entire economies of Denmark ($330.6 billion), Greece ($241.8 billion), Chile ($276.9 billion) and Israel ($290.6 billion) fail to produce enough in a whole year to pay off America’s student debt.
The enormity of the U.S. student loan mess is almost as big as the entire economy of Mexico (annual GDP: $1.26 trillion), and it dwarfs the economic output of Central America. The 43 million or so people in all seven…
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