Because of the financial crisis in the US and UK, college students are beginning to struggle to find ways to pay their tuition fees and accommodations.
Recently, two major US student loan (贷款) lenders, Citibank and JPMorgan Chase, announced they were leaving the student loan industry altogether. Because banks currently have a lack of credit, they are reluctant to offer students low-interest loans that need a several-year wait for any return of interest.
In the US, many undergraduates fill up their financial needs with a private loan, although the majority can get government-funded loans. In the 2015-2016 academic year, $ 17 billion in private student loans was used to finance higher education. The lack of private funding has yet to be covered and will hit many US students hard.
Across the Atlantic, UK students have been less troubled by the crisis. Most undergraduates in the UK cover their university expenses with government-funded loans and grants. Their biggest concern is a sudden increase in student rent.
Most young professionals now rent houses, since 80 percent of UK mortgage schemes (按揭计划) have disappeared—a direct result of the credit crisis. This has boosted the house rent market.
In large cities, UK students are paying almost 6.5 percent more in rent than the previous year. Figures from the UK organization Accommodation for Student show students in big cities such as London paying an average weekly rent of $ 203.
Yet, despite students' suffering, the number of this year's university applications is expected to grow. During economic slumps, people regard further education as a way to survive tough job market.
