Average Salary Levels
If you only have basic skills you are likely to be paid just minimum wage. In Britain minimum wage is £3.72 per hour for workers aged 16.17, £5.05 per hour for workers aged 18-20 and £6.31 per hour for workers aged over 21. If you work 40 hours a week at minimum wage of £6.31 your weekly pay will be total of £252.40
In America the Federal Government has set minimum wage at US$7.25 per hour, but in some States such as Washington minimum wage is US$9.32 per hour.
Recent Survey by National Union of Students in Britain reported that after graduating from university 66% of UK graduates earn a salary of under GB £19,000 per year in their first year in a new job.
US 2015 Census found education Dropout typically earns circa $21,023, High School Graduate earns $31,613 and college degree Graduate will typically reach earnings of circa $58, 613 as they progress in their career.
Having an education qualification increases your lifetime earning potential and helps avoid unemployment.
Paying for College… Forever and Ever
Some lucky American students have parents who have saved money in to a Coverdell Education Savings Account or a 529 College Savings Plan , which allows the parent claim income tax deferment allowance, provided the money saved is spent paying for education costs such as Tuition Fees, Books and student accommodation.
See website https://studentaid.ed.gov/sa/types/loans for full details about the various type of loans and supports which US Government provides to help US students pay for their education.
For details about education finance support from British Government see https://www.gov.uk/student-finance/overview
Under the UK scheme students in Britain face paying up to 9% of their annual salary to pay down their student loan. Research indicates that 44% of students who graduated in 2002 , finally paid off their student loan after 13 years, around age 35.
But in 2012 the UK Government increased university annual tuition fees to GB £9,000. After paying for 4 year degree course and paying for living costs, many students leave university with debts of around GB £25,000. Average starting salaries for UK graduates are circa GB £19,000 and once the graduate earns over GB19,000 and once the graduate earns over GB £22,000 they are expected to start paying back their loan.
Some economic experts now predict that many UK graduates will spend decades in debt and most will not complete paying their student loan off until they get past age 50.
In an effort to encourage US citizens to attend college and get some skills, US Government broadened the number of short 2 year courses, online distance education courses and the number of community colleges and private education providers whose education courses could qualify for US Government Education support. This lead to a increase in the numbers of education providers seeking to enroll students in to courses.
US Department of Education has granted student loans totalling US$1.2 TRILLION, so that means US students are under a mountain of US$1.2 TRILLION in student debt. The average loan debt for an individual student after graduation is estimated at around US$30,000.
As of 2015 an estimated 3.6 Million Americans , or 1 in 6 student loans amounting to total of US$56 BILLION are in default on their Student Loan for over a year.
Another 3 million Americans who owe total of US$110 BILLION are behind with their loan repayments for between 1 and 12 months, and a further 3 million Americans have been given permission to postpone loan repayments due to financial hardship, illness or unemployment.
In total, an estimated 43% of Americans who borrowed a student loan under various US Government schemes, are either behind with their payment or not making any payments at all.
Research by Navient , who administers students loans, indicates that many student loan borrowers choose to pay other bills such as car loans, apartment rent, credit card bills and house mortgages, but fail to repay their student debts.
Many economic commentators warn that US Government could be left with over US$200 Billion of bad debts. Financial experts warn that many Students who have loan arrears, risk having a bad credit score which could impact on their ability to get a car loan , house mortgage or business loan in the future.
The www.iiepassport.org website is a great resource for US students seeking to study abroad.
In the academic year 2013/14 around 304,500 individuals or 10% of US students attended an education course outside the USA and obtained an academic course credit for their time studying abroad.
62% attended a short course of up to 8 weeks duration, 35% spent up to 6 months or one semester abroad, and just 3% studied for a full 12 months or longer outside the USA.
British students and international students studying in Britain can take out an Insurance policy with www.Endsleigh.co.uk which specialises in insuring students.
European Commission Consumer Classroom
In an effort to improve levels of Financial Literacy, the European Commission has set up www.ConsumerClassroom.eu
The US Government created a website www.MyMoney.gov which provides useful resources for both Students and Teachers.
Some people never learn
In 2014 British people lost GB £In 2014 British people lost GB £12.6 BILLION through Gambling.
GB £12.6 BILLION equates to US$16.5 BILLION. But in 2013 America , losses by Americam gamblers are estimated at US$115 BILLION. It seems some people never learn.
According to the UK Gambling Commission, in the 12 month period up to September 2015, GB £3.3 BILLION was lost on National Lottery, GB £3.2 BILLION lost in Betting Shops and GB £3.6 BILLION lost through online gambling.