Average Cost of Education Per Student in USA

Average Cost of Education Per Student in USA | How Much Does The USA Spend on Education 2020|OECD Education Spendings Per Studen

The Organization for Economic Cooperation and Development (OECD) compiled educational data from nations across the world annually for its publication Education at a look. the foremost recent version for 2018 reports that, in 2015, we spent approximately $12,800 per student on elementary and education. that's over 35% quite the OECD country average of $9,500. At the post-secondary level, we spent approximately $30,000 per student, which was 93% above the typical of OECD countries ($16,100).

Education Funding Sources

The U.S. spending estimate includes money spent by public sources, like federally guaranteed student loans and direct loans from the Department of Education, and personal funds. Private funds include fees and expenses paid by parents and students and personal student loans, which aren't federally guaranteed.

Average Cost of Education Per Student in USA 

Several countries outspent us for elementary and education, including Austria, Norway, and Luxembourg, which spent $13.931, $14,353, and $20,900, respectively, in 2015. Luxembourg spends the foremost per student at the elementary/secondary level, and Mexico spends the smallest amount at $3,300 per student.

Us also spent less of its total wealth on education than many of its counterparts. In terms of the share of the gross domestic product (GDP) spent on education, we, at approximately 6.2%, trailed Norway, New Zealand, the UK, Colombia, and Chile.

Public Funding for Education

On average, educational institutions in OECD countries are mainly publicly funded. consistent with the OECD, governments provide 90% of funding for primary, secondary, and post-secondary non-tertiary education and 66% for tertiary education. Chile, Colombia, Japan, the UK, and therefore we account for the most important shares at approximately 70%.

Some public money is additionally transferred to the private sector for the funding of tertiary education and accounts for about 5% of total funds across OECD countries. Australia, New Zealand, and therefore the UK transfer the foremost funding from public to non-public education institutions, between 20% and 35% of the entire funds dedicated to tertiary education.

Education Spending Within Us 

Students within us fare considerably worse than many of their counterparts across the world in terms of data gained from education. consistent with data from the Programme for International Student Assessment, 15-year-olds within the U.S. ranked 31st on OECD standardized mathematics tests, and their test scores were far below average in reading and science.

Us was one among only five countries within the OECD to chop education funding within the years before the OECD study. The OECD report for 2017 found that education spending within the U.S. decreased 3% between 2010 and 2014 while spending in other nations was up 5%.

Education Spending as a Percentage of GDP

Among the 34 OECD countries reporting data in 2015, 17 countries spent quite the typical percentage (5%) of GDP on total government and personal expenditures on education institutions for OECD countries. Norway spent the foremost on education as a percentage of GDP at 6.4% followed by New Zealand at 6.3%, the UK at 6.2%, and therefore us at 6.1 percent.

Conversely, 17 countries spent but the typical percentage of GDP on total education expenditures for OECD countries. Ireland and Luxembourg reported rock bottom total education expenditures as a percentage of GDP, both spending 3.5%, followed by Hungary, the Czech Republic, and Greece, all at 3.8%.

Us spent on the brink of the typical percentage of GDP on elementary/secondary education for OECD countries at 3.5%. Fifteen other countries also spent quite typical of OECD countries on elementary/secondary education. Seven of those 16 total countries spent a minimum of 4% of GDP on elementary/secondary education. In contrast, 18 countries spent but the type of OECD countries on elementary/secondary education.

Spending on Post-secondary Education

At the post-secondary level, we spent quite the typical (1.5%) for OECD countries on total government and personal expenditures at 2.6%. Only three other countries spent 2% or more of GDP on post-secondary education. Those countries were Canada at 2.4%, Australia at 2%, and Chile at 2%.