Recently, a senator from Kazakhstan, B.Aytimova urged young Kazakh students to live and study by making use of credit. Aytimova used as an example the model showing how it has benefited students engaging in this practice in other countries. However, she did not take into account living costs and average finances of recent graduates and their parents in Kazakhstan. It makes one wonder if it is an applicable lifestyle for young citizens of Kazakhstan. Therefore, it would be valuable to evaluate the experience of those in the USA students loan system and its consequences for students from Kazakhstan dealing with similar conditions.
Many American students study at colleges and universities on credit. It is the norm in American society. However, the recent economic crisis made their parents and children to think: Is it worth it to study at college or university on credit if there is no guarantee that you might find a job after graduation.The same situation is occurring in Kazakhstani society. Many middle class parents and students can not afford to pay for higher education. However, they are forced into this practice in order to cover the tuition. The payment for higher education is constantly rising. Before entering every applicant makes a contract where it is written that the administration of the university has the right to increase the tuition for 10 -20% or more each year. It happens because of inflation of local currency. It means that Kazakh students have to make larger and larger payment each year, so their loans increase too. Many students can not go against the system because they signed contracts. If they do not accept these requirements they will not be accepted. After graduation many Kazakh students can not find jobs in occupations of their choice as young Americans can not find jobs either. Therefore, many students do part-time jobs which is not in the field of study. It is easier to get student loan in the USA than in Kazakhstan. You have to collect a lot of documents to prove that you are worth it to get a loan in Kazakhstan.
Time is the second challenge for young Americans as well as their counterparts in Kazakhstan. When American students graduate from college or university they become debtors automatically. It means they have to work and spend their best time of life on refunding. The trend is they pay off their student loans to banks approximately at the age of 33 or even as late as at 41. Kazakhstani students also struggle with this problem. Many of them will be free of debt at 30 or possible later. It depends on how lucky they are to find well-paid jobs. Hence, Kazakh and American youth work hard and spend their youthfulness refinancing their debts. It is not life.
The most crucial point in this issue is the sum of student’s loan. It can be different. American students have debts which are on average $30000 after graduation. Today it is challenging for American youth to find job. Therefore, many of them decide to continue their education. Hence, they take credit for education again. They expect that a master’s degree might increase their chances to find well-paid jobs. As a result, they have even more debts then they had. The similar situation is occurring in Kazakhstan.
Higher education is crucial for students to become professionals in favorite occupations. It gives opportunity to become who they want to be. Taking student loan is an instrument for achieving this goal. Therefore, student loan must be accessible for loan and repaying of debt.