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Author: National Association of Student Financial Aid Administrators (NASFAA) Publisher: ISBN: Category : Languages : en Pages : 13
Book Description
There is remarkable diversity in student loan systems throughout the world. In considering the ideal approach to system of loan repayment based on income here in the United States, it is valuable to examine the nature, successes, and failures of some other countries' methods of offering borrowers income-contingent student loan repayment. Two countries that seem to be particularly relevant to the efforts of this consortium are Australia and the Netherlands. While far from the only countries that use an income-contingent student loan repayment scheme, these two were selected for analysis because of the differences they illustrate: a "pure" system in the case of Australia and a "hybrid" system in the case of the Netherlands. This consortium's proposal for an auto-IBR system in "Automatic for the Borrower: How Repayment Based on Income Can Reduce Loan Defaults and Manage Risk" represents an ideological shift in the student loan system in the United States; a potentially complicated restructuring of the current system that would involve several government agencies. In striving for something simple, efficient and fair there is always a chance for unintended consequences; thus, there is value in looking to other countries to draw instruction from their experiences. In the two countries surveyed, there seems to be a delicate balance between uptake rate and overall cohort repayment rate. The Netherlands system suffers from a lack of participation, partially as a result of its opt-in nature, but the Australian system suffers from a substantial amount of debt that is unlikely to be repaid. Policymakers should consider this balance when they set objectives for an auto-IBR system and design the system to maximize participation while protecting against providing excessive loan forgiveness or opportunity for non-payment. [This paper accompanies "Automatic for the Borrower: How Repayment Based on Income Can Reduce Loan Defaults and Manage Risk" ED558514.].
Author: National Association of Student Financial Aid Administrators (NASFAA) Publisher: ISBN: Category : Languages : en Pages : 13
Book Description
There is remarkable diversity in student loan systems throughout the world. In considering the ideal approach to system of loan repayment based on income here in the United States, it is valuable to examine the nature, successes, and failures of some other countries' methods of offering borrowers income-contingent student loan repayment. Two countries that seem to be particularly relevant to the efforts of this consortium are Australia and the Netherlands. While far from the only countries that use an income-contingent student loan repayment scheme, these two were selected for analysis because of the differences they illustrate: a "pure" system in the case of Australia and a "hybrid" system in the case of the Netherlands. This consortium's proposal for an auto-IBR system in "Automatic for the Borrower: How Repayment Based on Income Can Reduce Loan Defaults and Manage Risk" represents an ideological shift in the student loan system in the United States; a potentially complicated restructuring of the current system that would involve several government agencies. In striving for something simple, efficient and fair there is always a chance for unintended consequences; thus, there is value in looking to other countries to draw instruction from their experiences. In the two countries surveyed, there seems to be a delicate balance between uptake rate and overall cohort repayment rate. The Netherlands system suffers from a lack of participation, partially as a result of its opt-in nature, but the Australian system suffers from a substantial amount of debt that is unlikely to be repaid. Policymakers should consider this balance when they set objectives for an auto-IBR system and design the system to maximize participation while protecting against providing excessive loan forgiveness or opportunity for non-payment. [This paper accompanies "Automatic for the Borrower: How Repayment Based on Income Can Reduce Loan Defaults and Manage Risk" ED558514.].
Author: Timothy Higgins Publisher: Springer ISBN: 1137413204 Category : Business & Economics Languages : en Pages : 312
Book Description
This study explores the prospect of the application of the basic principles of ICL into many other potential areas of social and economic policy. Using case studies it evaluates previously implemented ICL schemes where interest rate subsidies are usually the norm, and questions the merits of this approach.
Author: United States. Congress. Senate. Committee on Labor and Human Resources Publisher: ISBN: Category : Law Languages : en Pages : 148
Book Description
This document provides testimony, prepared statements, articles, publications, and other materials concerning the issue of augmenting current student financial assistance programs with the addition of direct student loans (Self Reliance Loans), and examines responsible ways in which the federal government should move in this direction. Among the persons providing testimony are the following: U.S. Senators Bill Bradley (New Jersey), Edward M. Kennedy (Massachusetts), Orrin G. Hatch (Utah), Nancy Landon Kassebaum (Kansas), Paul Simon (Illinois), Strom Thurmond (South Carolina), and Daniel K. Akaka (Hawaii) and U.S. Representative Thomas E. Petri (Wisconsin). Additional witnesses giving testimony or prepared statements include, among others,: John Silber, president, Boston University (Massachusetts); Father William J. Byron, president, The Catholic University, Washington, D.C.; Barry Bluestone, professor of political economy, University of Massachusetts, Boston, Massachusetts; Roxie LaFever, vice president, financial aid, University of Phoenix, Phoenix, Arizona; and Elizabeth M. Hicks, coordinator of financial aid, Harvard University, Cambridge, Massachusetts. Materials presented include "Concerns and Unanswered Questions Regarding Income Dependent Education Assistance (IDEA) aka Self Reliance Loans," and a copy of a discussion draft of a bill to amend Part D of Title IV of the Higher Education Act of 1965 to provide for income dependent education assistance. (GLR)
Author: Evelyn Brody Publisher: ISBN: Category : Languages : en Pages :
Book Description
This article uses the case of paying for a college education to study broad issues of equity, both between families and between generations. As a normative matter, I argue that we should subsidize the education of those who are disadvantaged, but that is because a college education generally 'pays off,' society as a whole should not subsidize most students. Rather, the government can serve the valuable function of simply ensuring that students have access to sufficient loans to finance their education. Congress recently enacted President Clinton's proposal to convert the federal role from a guarantor of student loans to a direct lender (for a phased-in portion of student loans). Direct lending will allow a novel repayment option: the graduate can elect to repay the government out of a modest percentage of her future income.Much of the article explores the difficulties of trying to determine an individual's financial resources, so that the government can best target its subsidies. When do we view the child separately from his family? When is it proper to look to a student's lifetime rather than current resources? Using the public finance literature, I examine the limitations of our governmental redistributive tools.Happily, most of the conceptual difficulties melt away in the face of an income-contingent repayment mechanism, which basically matches payments of principal and interest to the profits from an education. For most graduates, a percentage-of-income cap is the only real insurance they need against doing poorly in the job market. However, because President Clinton's proposal perpetuated existing federal subsidies in the guaranteed student loan program, Congress missed the opportunity to make the program fairer by applying analyses based on intergenerational equity and lifetime income.
Author: N. A. Barr Publisher: Psychology Press ISBN: 9780415348577 Category : Education, Higher Languages : en Pages : 340
Book Description
Nicholas Barr is the main expert in the funding of higher education in Britain, and has been active both in commentating on the process and in its implementation.
Author: Susanne Soederberg Publisher: Routledge ISBN: 131764672X Category : Political Science Languages : en Pages : 347
Book Description
WINNER of the BISA IPEG Book Prize 2015 http://www.bisa-ipeg.org/ipeg-book-prize-2015-winner-announced/ Under the rubric of ‘financial inclusion’, lending to the poor –in both the global North and global South –has become a highly lucrative and rapidly expanding industry since the 1990s. A key inquiry of this book is what is ‘the financial’ in which the poor are asked to join. Instead of embracing the mainstream position that financial inclusion is a natural, inevitable and mutually beneficial arrangement, Debtfare States and the Poverty Industry suggests that the structural violence inherent to neoliberalism and credit-led accumulation have created and normalized a reality in which the working poor can no longer afford to live without expensive credit. The book further transcends economic treatments of credit and debt by revealing how the poverty industry is extricably linked to the social power of money, the paradoxes in credit-led accumulation, and ‘debtfarism’. The latter refers to rhetorical and regulatory forms of governance that mediate and facilitate the expansion of the poverty industry and the reliance of the poor on credit to augment/replace their wages. Through a historically grounded analysis, the author examines various dimensions of the poverty industry ranging from the credit card, payday loan, and student loan industries in the United States to micro-lending and low-income housing finance industries in Mexico. Providing a much-needed theorization of the politics of debt, Debtfare States and the Poverty Industry has wider implications of the increasing dependence of the poor on consumer credit across the globe, this book will be of very strong interest to students and scholars of Global Political Economy, Finance, Development Studies, Geography, Law, History, and Sociology. The Open Access version of this book, available at http://www.taylorfrancis.com/books/e/9781315761954, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license. https://www.youtube.com/watch?v=2lU6PHjyOzU
Author: National Association of Student Financial Aid Administrators (NASFAA)
Author: National Association of Student Financial Aid Administrators (NASFAA)
Author: Timothy Higgins
Author: United States. Congress. Senate. Committee on Labor and Human Resources
Author: Evelyn Brody
Author: United States
Author: Yvan Guillemette
Author: N. A. Barr
Author: United States. General Accounting Office
Author: 
Author: Susanne Soederberg