Social Sciences
8 years ago

Income-contingent loans offer relief from student loan repayment burdens.

The Annals of the American Academy of Political and Social Science
Conceptual and Empirical Issues for Alternative Student Loan Designs: The Significance of Loan Repayment Burdens for the United States
Bruce Chapman, Lorraine Dearden

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The article compares two types of student loans: one where you pay a fixed amount over time (common in the US) and one where you pay based on your future income (used in Australia and England). The main concern with fixed loans is that they can be hard to repay, affecting students' ability to pay back and their quality of life. Some US students struggle a lot with their loans, but income-based loans can help with this. Overall, income-based loans can make it easier for students to manage their debt.