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Learn Now, Pay Later: A History of Income-Contingent Student Loans in the United States

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  • Robert Shireman

Abstract

The idea of financing higher education with the income that comes afterward has been formally proposed and implemented in the United States, in various permutations, since at least 1971. The attractiveness of the concept is exemplified by the political diversity of its proponents, ranging from Senator Ted Kennedy to President Ronald Reagan, and from presidential candidates Michael Dukakis (Democratic governor who ran in 1988) to Jeb Bush (Republican former governor who ran in 2016). This article examines the design of the various proposals over time, the arguments in support and opposition, and the current state of affairs.

Suggested Citation

  • Robert Shireman, 2017. "Learn Now, Pay Later: A History of Income-Contingent Student Loans in the United States," The ANNALS of the American Academy of Political and Social Science, , vol. 671(1), pages 184-201, May.
    • Handle: RePEc:sae:anname:v:671:y:2017:i:1:p:184-201
    DOI: 10.1177/0002716217701673
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    References listed on IDEAS

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    1. Milton Friedman & Simon Kuznets, 1945. "Income from Independent Professional Practice," NBER Books, National Bureau of Economic Research, Inc, number frie54-1, May.
    2. J. R. Walsh, 1935. "Capital Concept Applied to Man," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 49(2), pages 255-285.
    3. Beth Akers & Matthew M. Chingos, 2016. "Game of Loans: The Rhetoric and Reality of Student Debt," Economics Books, Princeton University Press, edition 1, number 10810.
    4. Webber, Douglas A., 2016. "Are college costs worth it? How ability, major, and debt affect the returns to schooling," Economics of Education Review, Elsevier, vol. 53(C), pages 296-310.
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    Cited by:

    1. Wenhua Di & Kelly D. Edmiston, 2017. "Student Loan Relief Programs: Implications for Borrowers and the Federal Government," The ANNALS of the American Academy of Political and Social Science, , vol. 671(1), pages 224-248, May.
    2. Bruce Chapman, 2023. "The Debt Trap," The Economic Record, The Economic Society of Australia, vol. 99(325), pages 315-318, June.
    3. Matsuda, Kazushige & Mazur, Karol, 2022. "College education and income contingent loans in equilibrium," Journal of Monetary Economics, Elsevier, vol. 132(C), pages 100-117.

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