The United States spends more money educating its young people than any other country, depending on the level of education at first glance, 2017, a recent study of the Organization for economic cooperation and development (OECD), which collects data about education from around the world each year. In 2014, the United States spent an average of $12,157 per student on primary and secondary education, more than 30% more than the OECD average of $9,419. College expenses, including colleges and universities was nearly$ 30,000, 75% more than the average expenditure of other OECD countries. Total US spending an average of $16,268 per student, 51% higher than the average for all countries included in the OECD study.
The estimate of spending includes money spent on public sources, such as federally guaranteed student loans and direct loans from the Department of education, and private funds. Private funds include fees and expenses are paid by parents and students and private student loans that are not on the Federal level is guaranteed.
Some countries exhausted the U.S. on primary and secondary education, including Switzerland, Norway and Luxembourg, which spent $21,595 full-time in 2014. But only Luxembourg ahead of the US expenditures on higher education, with total expenditures per student $ 42,526 per year.
The United States also spent less of its total wealth on education than many of his colleagues. Share of gross domestic product (GDP) is spent on education, at 6.2% it trailed Canada, Denmark, Iceland, the Republic of Korea and the United Kingdom.
Most of the money invested in education comes from public sources, both in the US and around the world. However, the United States put fewer tax dollars for the education of its young people than most countries in 2014, to pay 70 cents for every dollar spent on education, two cents from the previous decade. On average, OECD countries allocated 84 cents per student bill.
State funding for higher education is even more fragmented. U.S. taxpayers paid 36 cents for every dollar spent on education, almost 50% less than the average provided by other OECD countries and much less than some. As a result, many students in the United States are turning to private grants and donations to help with College expenses, and others to enlist the support of parents and private student loans.
Costs aside, students in the United States the cost is much worse than many of their colleagues around the world from the point of view of knowledge. According to the program for International student assessment, 15-year-olds in the U.S. ranked 31st in the OECD standardized math tests, and their test results were way below average in reading and science.
USA was one of only five countries in the OECD have reduced education funding in the period prior to the OECD study. Expenditure on education in the United States declined 3% between 2010 and 2014, while spending on other countries up to 5%.