In the education literature, it is generally acknowledged that both credit and insurance for students are rationed. In order to provide a rationale for these observations, we present a model with perfectly competitive banks and risk averse students who have private information on their ability...

In the education literature, it is generally acknowledged that both credit and insurance for students are rationed. In order to provide a rationale for these observations, we present a model with perfectly competitive banks and risk averse students who have private information on their ability...

Increasing costs of higher education and the expansion of access, together with greater cost-sharing by students and their families, have led to higher indebtedness of former students in many countries. This report reviews the extent of this burden, as well as the available evidence on the...