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Introduction and Summary

In: Income Contingent Loans

Author

Listed:
  • Bruce Chapman

    (The Australian National University)

  • Timothy Higgins

    (The Australian National University)

  • Joseph E. Stiglitz

    (Columbia University)

Abstract
In 1989 the Australian government introduced the first university tuition-loan program in which debts would be collected through the income tax system depending on the participant’s income.1 The policy, known as the Higher Education Contribution Scheme (HECS) is an arrangement known as an income contingent loan (ICL), a debt that differs critically from ‘normal’ loans in that repayments occur if and only when debtors’ incomes reach a given level. Eight other countries have since adopted similar student loan schemes and, at the time of writing, there is a Bill (the Earnings Contingent Education Loans (ExCEL) Act) under bi-partisan consideration in the US Congress which, if passed, would have the effect of introducing a broadly-based ICL. It is generally agreed that ICL policies for higher education financing have worked effectively from the perspective of equity and efficiency, and from a transactional perspective.

Suggested Citation

  • Bruce Chapman & Timothy Higgins & Joseph E. Stiglitz, 2014. "Introduction and Summary," International Economic Association Series, in: Bruce Chapman & Timothy Higgins & Joseph E. Stiglitz (ed.), Income Contingent Loans, pages 1-11, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-41320-8_1
    DOI: 10.1057/9781137413208_1
    as

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