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FINANCING EU STUDENT MOBILITY: A Proposed Credit Union Scheme for Europe

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  • Cécile Hoareau

Abstract

Governments worldwide face the challenge of financing a growing student population with limited resources, especially in the current context of difficult economic recovery. Student loan schemes, because they appear as cost-efficient and are defendable on the lines of social equity (students invest in their future), are increasingly politically attractive. It was therefore only a matter of time before the European Union considered the feasibility of implementing a similar scheme. Such a lending scheme faces EU-specific limitations. The Union has more limited resources than a fully-grown government. It is also bound by Treaty rules to complementary competencies and has to accommodate various levels of member states’ willingness to integrate further. This paper offers a general discussion on the design of an EU-wide lending scheme for students. It argues in favour of a European Credit Union for Students, an EU-wide agency liaising with the European Investment Bank to raise the necessary funds and subcontracting other institutions for the administration of the loans. This agency would start by financing loans for the relatively narrow pool of mobile students under the Erasmus scheme. Doing so, it would lay down the foundation for a further integration of financing capacities as/if the Union becomes ever closer.

Suggested Citation

  • Cécile Hoareau, 2010. "FINANCING EU STUDENT MOBILITY: A Proposed Credit Union Scheme for Europe," University of California at Berkeley, Center for Studies in Higher Education qt64r0t16d, Center for Studies in Higher Education, UC Berkeley.
  • Handle: RePEc:cdl:cshedu:qt64r0t16d
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    1. Bruce Chapman & Peter Tulip, 2008. "International Dimensions in the Financing of Higher Education," CEPR Discussion Papers 574, Centre for Economic Policy Research, Research School of Economics, Australian National University.
    2. Nicholas Barr, 2004. "Higher Education Funding," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 20(2), pages 264-283, Summer.
    3. Douglass, John Aubrey & Keeling, Ruth, 2008. "The Big Curve: Trends in University Fees and Financing in the EU and US," University of California at Berkeley, Center for Studies in Higher Education qt6sr3n6km, Center for Studies in Higher Education, UC Berkeley.
    4. Barr, Nicholas, 2004. "Higher education funding," LSE Research Online Documents on Economics 288, London School of Economics and Political Science, LSE Library.
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    1. Barr, Nicholas & Berlinger, Edina & Dumcius, Rimantas & Gausas, Simonas & Gilly, Gyula & Macadie, Hugh & Nemeslaki, Andras & Papp, Erika & Repeckaite, Daiva, 2011. "Feasibility study on student lending," LSE Research Online Documents on Economics 42833, London School of Economics and Political Science, LSE Library.

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