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Chile's State-Guaranteed Student Loan Program : Analysis and Evaluation

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dc.contributor.author World Bank
dc.date.accessioned 2013-03-26T19:34:23Z
dc.date.available 2013-03-26T19:34:23Z
dc.date.issued 2011-03-08
dc.identifier.uri http://hdl.handle.net/10986/12954
dc.description.abstract Chile's Programa de Credito con Aval del Estado (CAE in its Spanish acronym) is uniquely positioned to help hundreds of thousands of qualified-but-financially-needy Chileans attend and finish tertiary education. The CAE program was designed to improve access to and equity in tertiary education. In 2010, after only four years of operation, the Program had 216,000 active borrowers or 23 percent of the 940,000 students in pre-grado. Even as the annual number of new beneficiaries levels off, the portfolio will increase for the next several years until reaching a steady state with approximately 460,000 active borrowers by 2016. This report is part of the 2010 Joint Studies Program between the Government of Chile and the World Bank. The purpose of the study is three-fold. First, to evaluate the impact of this program on access to and equity in higher education, taking into account the effectiveness of targeting qualified but financially needy students and its complementarities with other major student aid mechanisms. Second, to understand the size of the economic commitment the Chilean Government has made with this program, both in terms of its investment to date and its contingent liabilities. Third, to formulate recommendations for improvements going forward. The first chapter summarizes CAE's legal framework and institutional arrangement, explains how the CAE system functions, and describes the main characteristics of the loan product. The second chapter presents a brief overview of CAE's structural cost according to current program design and briefly describes the model used to calculate CAE's actual cost. The results of the latter are then included throughout the rest of the report as appropriate. The remaining parts of the chapter focus on CAE's stakeholder's students, tertiary education institutions, financial entities, and the Government of Chile and explore and analyze the impact the CAE program has had on them. The third and final focuses on recommendations for improving CAE: increasing loan repayment rates, lowering capital costs of loan origination, and increasing the coordination of CAE with other student aid programs. The end of the chapter then shows what the financial impact of these recommendations might be for the Government of Chile. en
dc.language English
dc.language.iso en_US
dc.publisher Washington, DC
dc.rights CC BY 3.0 IGO
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject RISK-FREE RATE
dc.subject LIQUIDITY
dc.subject BORROWER
dc.subject CAPITAL COSTS
dc.subject TUITION
dc.subject UNIVERSITY ENTRANCE
dc.subject EQUAL TREATMENT
dc.subject EDUCATIONAL BACKGROUNDS
dc.subject LOAN PRODUCT
dc.subject UNIVERSITY STUDENTS
dc.subject ENROLMENT RATES
dc.subject BENEFICIARY
dc.subject REMAINING DEBT
dc.subject GRACE PERIOD
dc.subject CENTRAL BANK
dc.subject NEGOTIATIONS
dc.subject INDIVIDUAL LOAN
dc.subject TRANCHES
dc.subject DEBT PAYMENT
dc.subject PRIVATE CREDIT
dc.subject GROSS DOMESTIC PRODUCT
dc.subject UNDERGRADUATE DEGREE PROGRAM
dc.subject CAREERS
dc.subject FAMILY INCOME
dc.subject MINISTRY OF EDUCATION
dc.subject DEGREES
dc.subject LOAN PRINCIPAL
dc.subject CAPITAL REQUIREMENTS
dc.subject REPAYMENT RATES
dc.subject LEARNING OUTCOMES
dc.subject FINANCIAL NEEDS
dc.subject DEVELOPING COUNTRY
dc.subject DEFAULTERS
dc.subject CASH FLOWS
dc.subject TAX
dc.subject TERTIARY EDUCATION
dc.subject LOAN BALANCE
dc.subject LOAN REPAYMENTS
dc.subject DEPENDENT
dc.subject TOTAL DEBT
dc.subject CASH FLOW ANALYSIS
dc.subject ASSETS
dc.subject CAPITAL MARKETS
dc.subject GROSS TERTIARY ENROLLMENT
dc.subject HUMAN RIGHTS
dc.subject RATES OF RETURN
dc.subject PENSION
dc.subject ALTERNATIVE SOURCES OF FINANCING
dc.subject DEBT BURDENS
dc.subject BASIS POINT
dc.subject LEGAL ACTIONS
dc.subject REPAYMENT RATE
dc.subject TERTIARY INSTITUTIONS
dc.subject REPAYMENT OBLIGATION
dc.subject HIGH DEBT SERVICE RATIOS
dc.subject BONDS
dc.subject FINANCIAL DIFFICULTY
dc.subject REPAYMENT BEHAVIOR
dc.subject DEGREE PROGRAMS
dc.subject LEARNING
dc.subject GOVERNMENT GUARANTEES
dc.subject LOAN GUARANTEES
dc.subject TEI
dc.subject LOAN SERVICING
dc.subject STATE GUARANTEES
dc.subject INVESTMENT FUNDS
dc.subject DEBT REPAYMENT
dc.subject LEGAL FRAMEWORK
dc.subject BID
dc.subject REAL INTEREST
dc.subject BANKS
dc.subject DEBT SERVICE
dc.subject AVERAGE DEBT
dc.subject BIDS
dc.subject DEFAULTS
dc.subject EMPLOYERS
dc.subject REPAYMENT PERIOD
dc.subject PROFESSIONAL DEGREE
dc.subject LOAN PORTFOLIO
dc.subject JUDGMENTS
dc.subject TRANSPARENCY
dc.subject OPPORTUNITY COST
dc.subject INCOME GROUP
dc.subject PUBLIC SUBSIDIES
dc.subject LOAN DOCUMENTATION
dc.subject ACCESSIBILITY
dc.subject STUDENT LOAN PROGRAM
dc.subject TRANCHE
dc.subject LEVERAGES
dc.subject BORROWING
dc.subject PENSIONS
dc.subject INTEREST RATES
dc.subject PRIVATE UNIVERSITIES
dc.subject INTANGIBLE
dc.subject TERTIARY ENROLLMENT RATE
dc.subject EMPLOYEE
dc.subject FINANCIAL NEED
dc.subject RESEARCHERS
dc.subject ACCOUNTING
dc.subject LENDERS
dc.subject SCHOLARSHIPS
dc.subject CONVENTIONAL MORTGAGE
dc.subject LOAN PAYMENTS
dc.subject DEVELOPMENT CORPORATION
dc.subject UNDERGRADUATES
dc.subject INDIGENOUS SCHOLARSHIP
dc.subject HUMAN CAPITAL
dc.subject INSURANCE
dc.subject PREPAYMENT
dc.subject T-BILLS
dc.subject STUDENT LOAN PROGRAMS
dc.subject AUCTION PROCEDURES
dc.subject FIXED INTEREST
dc.subject TRANSFER PAYMENT
dc.subject STUDENT FINANCIAL AID
dc.subject DEBT LEVELS
dc.subject AUCTION TECHNIQUES
dc.subject WRITTEN COMMUNICATIONS
dc.subject DEBT SERVICE RATIO
dc.subject DEBT PAYMENTS
dc.subject INSTRUMENT
dc.subject LOAN REPAYMENT RATES
dc.subject GUARANTY
dc.subject HIGHER EDUCATION
dc.subject JUDGE
dc.subject MANDATE
dc.subject REPAYMENTS
dc.subject REAL INTEREST RATE
dc.subject FIXED INTEREST RATES
dc.subject STATE GUARANTEE
dc.subject GLOBAL DEBT
dc.subject EXCESSIVE DEBT
dc.subject DISBURSEMENTS
dc.subject AUCTION
dc.subject DEBT BURDEN
dc.subject SAVINGS
dc.subject UNEMPLOYMENT
dc.subject DEBTS
dc.subject CASH ON HAND
dc.subject NEEDY STUDENTS
dc.subject RESERVES
dc.subject DROPOUT RATES
dc.subject SCHOLARSHIP PROGRAMS
dc.subject ECONOMIES OF SCALE
dc.subject REPAYMENT PERIODS
dc.subject AMOUNT OF CREDIT
dc.subject BASIS POINTS
dc.subject LOAN AMOUNT
dc.subject FACE VALUE
dc.subject COLLECTION EFFORTS
dc.subject PRIVATE BANKS
dc.subject STUDENT LOANS
dc.subject LOAN SIZE
dc.subject ACCESS TO TERTIARY EDUCATION
dc.subject LOAN PRODUCTS
dc.subject HIDDEN SUBSIDY
dc.subject DISCOUNT RATE
dc.subject INSTITUTIONAL ARRANGEMENT
dc.subject BORROWING CAPACITY
dc.subject LEGAL PROCEDURES
dc.subject LOAN BALANCES
dc.subject FAMILIES
dc.subject EMPLOYMENT
dc.subject INSURANCE POLICY
dc.subject STUDENT ASSISTANCE
dc.subject UNIVERSITY DEGREE
dc.subject COLLECTION PROCESS
dc.subject LABOR MARKET
dc.subject LOAN REPAYMENT
dc.subject MORTGAGE
dc.subject REPAYMENT
dc.subject ACCESS TO FINANCING
dc.subject STUDENT AID
dc.subject AUCTIONS
dc.subject SUBSIDIZATION
dc.subject CASH OUTFLOWS
dc.subject CASH TRANSFER
dc.subject EDUCATION STUDENTS
dc.subject EDUCATION SECTOR
dc.subject CONTINGENT LIABILITIES
dc.subject MINIMUM WAGE
dc.subject TERTIARY EDUCATION SYSTEM
dc.subject ACADEMIC YEAR
dc.subject ENROLMENT SHARE
dc.subject ECONOMICS OF EDUCATION
dc.subject DISBURSEMENT
dc.subject FINANCIAL ASSISTANCE
dc.subject INFORMATION SYSTEM
dc.subject EARNINGS
dc.subject CREDITS
dc.subject PRIVATE CREDIT BUREAU
dc.subject LEVERAGE
dc.subject PUBLIC POLICY
dc.subject STUDENT LOAN BENEFICIARIES
dc.subject EDUCATIONAL LOANS
dc.subject BANK POLICY
dc.subject ELIGIBILITY CRITERIA
dc.subject TERTIARY EDUCATION INSTITUTIONS
dc.subject SECOND LOAN
dc.subject NATIONAL ACCREDITATION
dc.subject ANNUAL PAYMENTS
dc.subject INTERNATIONAL STANDARDS
dc.subject ACADEMIC PERFORMANCE
dc.subject LOAN AMOUNTS
dc.subject STUDENT LOAN
dc.subject ACADEMICALLY QUALIFIED STUDENTS
dc.subject TAX RETURNS
dc.subject FISCAL RESOURCES
dc.subject DEFAULT RATES
dc.subject FINANCIAL OBLIGATIONS
dc.subject TERTIARY EDUCATION INSTITUTION
dc.subject STUDENT DEBT
dc.subject INFLATION
dc.subject INSOLVENCY
dc.subject FINANCIAL SYSTEM
dc.subject GRANT PROGRAMS
dc.subject RATE OF RETURN
dc.subject INFORMATION SYSTEMS
dc.subject LOAN PORTFOLIOS
dc.subject PUBLIC FINANCE
dc.subject PAR VALUE
dc.subject ADMINISTRATIVE COSTS
dc.subject EDUCATION LOAN
dc.subject CASH FLOW
dc.subject INTEREST RATE
dc.subject UNIVERSITIES
dc.subject GRADUATION RATES
dc.subject EMPLOYER
dc.subject DIVERSIFIED PORTFOLIO
dc.subject TEACHERS
dc.subject LOAN RECOVERY
dc.subject CREDIT BUREAU
dc.subject VETERINARY MEDICINE
dc.title Chile's State-Guaranteed Student Loan Program : Analysis and Evaluation en
dc.title.alternative Programa de Credito Con Aval del Estado (CAE) de Chile en
dc.rights.holder World Bank


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