While the rankings may vary depending on the specific criteria used, here are ten notable government initiatives worldwide aimed at reducing student loan debt:
1. Income-driven repayment plans (United States): Offering flexible repayment options tied to borrowers’ income, reducing their monthly payments and offering loan forgiveness after a certain period.
2. Public Service Loan Forgiveness (United States): Providing loan forgiveness benefits to borrowers who work in certain public service jobs for a specific duration.
3. Free Tuition Programs (multiple countries): Countries like Germany, Norway, Finland, and Sweden offer free or significantly reduced tuition fees for domestic and international students.
4. Interest-free or low-interest student loans (multiple countries): Governments, such as New Zealand and the Netherlands, provide interest-free or low-interest loans to help students afford higher education.
5. Repayment thresholds and caps (United Kingdom): In the UK, student loan repayments are income-contingent, with thresholds and caps on repayments based on income levels.
6. Debt-forgiveness programs (Canada): Canada offers student loan debt forgiveness programs for healthcare professionals, teachers, and others working in specific fields or regions.
7. Income-based repayment plans (Australia): Australia’s Higher Education Loan Program (HELP) allows graduates to repay their loans based on income levels.
8. National Higher Education Fund Corporation (Malaysia): Provides affordable loans, scholarships, and grants for Malaysian students to pursue higher education.
9. Student loan repayment assistance programs (Australia): The Australian Government supports various state-based programs that offer financial assistance to graduates working in specific priority occupations.
10. National Student Financial Aid Scheme (South Africa): This program provides government-funded financial aid to qualifying South African students to access tertiary education.
It’s important to note that the specific policies and initiatives may differ within countries, and these rankings are subject to change as governments continue to develop and modify programs to address the issue of student loan debt.