College students, what if we told you that there is a country where you can go to university for free? On top of that, what if it also provides you a monthly allowance to pay for your living expenses?
Well, such a country exists. The Globe and Mail reported that Denmark has a "pay-it-forward" philosophy for university funding. Danish students have the privilege of attending university for free.
Moreover, they receive about $900 a month in order to help pay for housing and the general cost of living. Funds are given when the students turn 18 years old and they are covered for a term of six years.
What's interesting, though, is that these students are not required to pay the state back even if a student drops out of college. Federal taxes take charge of the bill.
Anne Lorenzen, who just finished her master's degree in political science at the University of Copenhagen, completed her studies without any student debt. She did reveal that the government's stipend does not cover the whole cost of living in the city so she took on a part-time job to cover the rest. She admitted that the allowance is "definitely enough [money] for tuition, which is always nice."
According to Forbes, education is not free in Denmark. Tax payers feel the cost of higher education. It was noted that they are charged with 56 percent in income tax and 25 percent in sales tax as well as a 105 to 108 percent tax on cars.
The publication also noted that one disadvantage of the Danish model for higher education is that a lot of university students take it for granted. It is also common for students to take an additional year to complete their studies.
Democrat presidential nominee Hillary Clinton has been vocal about her plans to make college education affordable for American students. Moreover, she also plans to implement a three-month moratorium on loan payments for all federal borrowers.
