{"title":"Estimating taxpayer subsidies and individual repayment burdens of a student loan program in Spain","authors":"F. Muñoz, Elena del Rey Canteli, N. González","doi":"10.7866/HPE-RPE.17.1.3","DOIUrl":null,"url":null,"abstract":"We study the program Prestamos Renta Universidad that provided loans to Master’s students in Spain between 2007 and 2010. We estimate predicted income functions and calculate individual repayment burdens and government cost using unconditional quantile regression analysis. We exploit the changing conditions of the successive calls to illustrate three important lessons for the design of student loan schemes: fixed monthly repayments exert an excessive burden to graduates at the lower end of the in¬come distribution; general interest rate subsidies are costly to the taxpayer and unfairly distributed; while the deferment of payments due in case of hardship protects low earners, general grace periods are costly and inequitable.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"220 1","pages":"89-106"},"PeriodicalIF":0.7000,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Hacienda Publica Espanola-Review of Public Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.7866/HPE-RPE.17.1.3","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 3
Abstract
We study the program Prestamos Renta Universidad that provided loans to Master’s students in Spain between 2007 and 2010. We estimate predicted income functions and calculate individual repayment burdens and government cost using unconditional quantile regression analysis. We exploit the changing conditions of the successive calls to illustrate three important lessons for the design of student loan schemes: fixed monthly repayments exert an excessive burden to graduates at the lower end of the in¬come distribution; general interest rate subsidies are costly to the taxpayer and unfairly distributed; while the deferment of payments due in case of hardship protects low earners, general grace periods are costly and inequitable.
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Hacienda Pública Española/Review of Public Economics welcomes submissions on all areas of public economics. We seek to publish original and innovative research, applied and theoretical, related to the economic analysis of Government intervention. For example, but not exclusively: Taxation, Redistribution, Health, Education, Pensions, Governance, Fiscal Policy and Fiscal Federalism.
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