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The Prospect of Income-Contingent Loans for Malaysia Higher Education Student Financing.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	The Prospect of Income-Contingent Loans for Malaysia Higher Education Student Financing./
作者:	Isma, Syaza Nawwarah Zein.
面頁冊數:	1 online resource (207 pages)
附註:	Source: Dissertations Abstracts International, Volume: 84-03, Section: A.
Contained By:	Dissertations Abstracts International84-03A.
標題:	Higher education. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29289032click for full text (PQDT)
ISBN:	9798845461285

The Prospect of Income-Contingent Loans for Malaysia Higher Education Student Financing.
Isma, Syaza Nawwarah Zein.

The Prospect of Income-Contingent Loans for Malaysia Higher Education Student Financing. - 1 online resource (207 pages)

Source: Dissertations Abstracts International, Volume: 84-03, Section: A.

Thesis (Ph.D.)--The Australian National University (Australia), 2021.

Includes bibliographical references

In Malaysia, there has been public and political pressure for reform due to low loan recovery and high default in the Malaysian student loan scheme, known as PTPTN. The current student financing arrangement requires fixed monthly repayments over a fixed repayment period and is burdensome for low income borrowers and increases the risk of default. In contrast to time-based repayment loans, or TBRL (of which PTPTN is an example), income-contingent loans (ICL) can be designed to ensure affordable repayments and provide protection against financial hardship by basing repayments on income. Lessons learned from existing ICL schemes around the world suggest that ICLs can be flexibly designed with a range of features including repayment rate, repayment threshold, interest rates, loan surcharge and write-off period. We examine the implications to borrower affordability, repayments and taxpayer costs of illustrative ICL designs for Malaysia. The choice of income model is a critical determinant of repayment prospects in an ICL, hence both static and dynamic income models are developed and compared for Malaysian graduates. The former employs conditional quantile regression with a rigid assumption of no stochastic variability in income, while the latter allows for mobility in income over time and is modelled using copulas. Due to an absence of Malaysian graduate panel data, we use Australian panel data to develop a model of income dynamics using copulas, and we apply this model to Malaysian cross-sectional graduate income. As far as we are aware, this is the first research to apply income dynamics of another country for modelling ICL costs for a country where panel data is not available.We show how underlying income and labour force assumptions affect repayment burden calculations and Malaysian ICL cost estimates. Using an ICL design where parameters are chosen based on best practice, we estimate an average subsidy (due to loan non-repayment and interest subsidies) below 5% under a dynamic model and 13% under a static income model. We also find subsidy estimates for ICL designs for Malaysia which are based on ICL scheme rules from Australia, UK and New Zealand. We show how results are sensitive to loan parameter choices and economic variables, and while there is a range of subsidies associated with different ICL designs, this study provides conceptual and empirical support for the development of ICL for higher education policy in Malaysia.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2023

Mode of access: World Wide Web

ISBN: 9798845461285Subjects--Topical Terms:

641065
Higher education.
Index Terms--Genre/Form:

542853
Electronic books.

The Prospect of Income-Contingent Loans for Malaysia Higher Education Student Financing.
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504 $a Includes bibliographical references
520 $a In Malaysia, there has been public and political pressure for reform due to low loan recovery and high default in the Malaysian student loan scheme, known as PTPTN. The current student financing arrangement requires fixed monthly repayments over a fixed repayment period and is burdensome for low income borrowers and increases the risk of default. In contrast to time-based repayment loans, or TBRL (of which PTPTN is an example), income-contingent loans (ICL) can be designed to ensure affordable repayments and provide protection against financial hardship by basing repayments on income. Lessons learned from existing ICL schemes around the world suggest that ICLs can be flexibly designed with a range of features including repayment rate, repayment threshold, interest rates, loan surcharge and write-off period. We examine the implications to borrower affordability, repayments and taxpayer costs of illustrative ICL designs for Malaysia. The choice of income model is a critical determinant of repayment prospects in an ICL, hence both static and dynamic income models are developed and compared for Malaysian graduates. The former employs conditional quantile regression with a rigid assumption of no stochastic variability in income, while the latter allows for mobility in income over time and is modelled using copulas. Due to an absence of Malaysian graduate panel data, we use Australian panel data to develop a model of income dynamics using copulas, and we apply this model to Malaysian cross-sectional graduate income. As far as we are aware, this is the first research to apply income dynamics of another country for modelling ICL costs for a country where panel data is not available.We show how underlying income and labour force assumptions affect repayment burden calculations and Malaysian ICL cost estimates. Using an ICL design where parameters are chosen based on best practice, we estimate an average subsidy (due to loan non-repayment and interest subsidies) below 5% under a dynamic model and 13% under a static income model. We also find subsidy estimates for ICL designs for Malaysia which are based on ICL scheme rules from Australia, UK and New Zealand. We show how results are sensitive to loan parameter choices and economic variables, and while there is a range of subsidies associated with different ICL designs, this study provides conceptual and empirical support for the development of ICL for higher education policy in Malaysia.
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