Publication: Estimating taxpayer subsidies and individual repayment burdens of a student loan program in Spain
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Date
2016-06
Authors
Callado Muñoz, Francisco José ; Rey Canteli, Elena del ; Utrero González, Natalia
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Publisher
Instituto de Estudios Fiscales
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DOI
https://doi.org/10.7866/HPE-PE.17.1.3
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info:eu-repo/semantics/article
Description
©2017. This manuscript version is made available under the CC-BY 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
This document is the Submitted, Accepted, Published, version of a Published Work that appeared in final form in NOMBRE REVISTA. To access the final edited and published work see https://doi.org/10.7866/HPE-PE.17.1.3
Abstract
We study the program Préstamos 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 income 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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Citation
Hacienda Pública Española / Review of Public Economics, 220 (1) (2017): 89-106
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