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Macro- and Microeconomic Risks of Student Loans in an International Context

Author

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  • Máté Vona

    (Faculty of Economics, University of Debrecen, Hungary)

Abstract

The risk of individual investment in higher education is not a well-researched topic compared to the rate of return to education. In many countries tuition fees are low, but there is a possibility to borrow for investment in education. This can lead to irresponsible investment behaviour. The paper will show that the student loan market is too small to cause a macroeconomic crisis, but that it is a market with many stakeholders and irresponsible behaviour should not be encouraged. With the examination of a Hungarian sample, it can be concluded that in the context of higher education, signs of rational investment behaviour can be found. The risks of post-secondary studies are not yet fully understood and measured, and for this reason further research is suggested.

Suggested Citation

  • Máté Vona, 2015. "Macro- and Microeconomic Risks of Student Loans in an International Context," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 65(4), pages 629-649, December.
    • Handle: RePEc:aka:aoecon:v:65:y:2015:i:4:p:629-649
    Note: This research was supported in the framework of the TÁMOP-4.2.4.A/2-11/1-2012-0001 0001 “National Excellence Program – Elaborating and operating an inland student and researcher personal support system” and co-financed by the European Social Fund.
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    More about this item

    Keywords

    economics of education; higher education finance; student loan; income-contingent loan; Hungary;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid

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