have increased. We discuss these trends as well as recent evidence on the extent to which students are able to obtain … student credit arrangements that balance three important objectives: (i) providing credit for students to access college and …

have increased. We discuss these trends as well as recent evidence on the extent to which students are able to obtain … student credit arrangements that balance three important objectives: (i) providing credit for students to access college and …

This paper considers the decentralized funding of public universities in a federation when students and graduates are …-state and out-of-state students. I develop a model of decentralized decision making which allows me to draw conclusions about … how such a price-discrimination affects welfare and the number of students in a federation. It is shown that local …

volatility in future income is transferred from risk-averse students to the risk-neutral state. However, a double moral hazard … problem arises when students' efforts to raise lifetime income and universities' activities to improve teaching quality are …

In the education literature, it is generally acknowledged that both credit and insurance for students are rationed. In … students who have private information on their ability to learn and can decide to default on debt. We show that the combination … student risk aversion is high, high ability students are separated and student loan contracts involve a limited amount of …

We assume that students can acquire a wage premium, thanks to studies, and form a rational expectation of their future … earnings, which depends on personal ability. Students receive a private, noisy signal of their ability, and universities can … of test scores. Students optimally self-select as a result of pricing only. If capital markets are perfect but …