Tuition at U.K. universities was hiked from a maximum of £3,375 a year to £9,000 a year in September 2012. Perhaps unsurprisingly, this caused a drop in the number of students from 2.49 million students in 2011/2012 to 2.29 million in 2013/2014, according to the Higher Education Statistics Agency.
In the U.S., an in-state college education at a public school costs on average $9,139 a year, and rises to $31,231 at a private non-profit college.
It comes as student debt levels in both the U.K. and U.S. have ballooned. Outstanding student loan balances stood at £62.2 billion in the U.K in the year to March 2014, the country's Student Loans Company said. In the U.S., meanwhile, that figure stood at a whopping $1.16 trillion at the end of last year, according to the Federal Reserve Bank of New York. (Tweet this)
As a result, a growing number of education-focused crowdfunding platform have popped up to service students wanting to go to university without building up massive debt.
One of those is EdAid, a crowdfunding platform due to launch this summer, which claims it can save students around $50,000 and nine years of repayments.
Students on the platform can receive financial backing from anyone, and EdAid then takes all of these donations and packages them into one interest-free loan. The student then repays 10 percent of their monthly salary starting from the April after they graduate until all of their supporters have been paid back.