NDLI: Financing higher education

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OECD Economic Surveys: United States 2007

Assessment and recommendations

Challenges facing the US economy

Potential employment

Ensuring fiscal sustainability

Improving primary and secondary education

Financing higher education

Financing higher education

Content Provider	OECD iLibrary
Organization	OECD
Abstract	America’s higher education system is among the best in the world but there are, nevertheless, areas for improvement. In particular, there appear to be substantial financial barriers to higher education despite large government expenditures aimed at promoting access. Policy makers have proposed addressing these barriers by increasing student grants. However, grants are fiscally costly, they have unattractive efficiency and equity implications and research does not show them to be effective. Income tax concessions and state government subsidies suffer from similar problems. In contrast, international best practice seems to be converging on student loans with repayments that vary according to income. Income-contingent loans facilitate access to college at low fiscal cost and without the inefficiency and inequities that accompany grants, subsidies or tax concessions. At the same time, they do not discourage riskaverse or uninformed students in the way that conventional loans do. The United States has an income-contingent loan programme that should be expanded. While the design of repayments could be improved, the main problem with this programme is that lending limits are too low. Higher limits, especially for unsubsidised direct loans, would benefit students and promote access at little cost to the government. Were a good system of loans in place, then less cost-effective means of promoting access, such as grants and tax concessions, should be cut back.
Page Count	36
Starting Page	125
Ending Page	155
Language	English
Publisher	OECD Publishing
Publisher Date	2007-05-29
Access Restriction	Open
Subject Keyword	Economics
Content Type	Text
Resource Type	Chapter

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