---

This study explores the prospect of the application of the basic principles of ICL into many other potential areas of social and economic policy. Using case studies it evaluates previously implemented ICL schemes where interest rate subsidies are usually the norm, and questions the merits of this approach.

---

1 Income Contingent Loans as Risk Management: Background; Bruce Chapman PART I TOWARDS A THEORY FOR INCOME CONTINGENT LOANS 2 Remarks on Income Contingent Loans: How Effective Can They be Mitigating Risk?; Joseph Stiglitz 3 Income Contingent Loans as a Risk Management Device; John Quiggin 4 Income Contingent Loans: Toward a Piecewise Linear Scheme; Ngo Van Long PART II PRACTICE IN HIGHER EDUCATION 5 Income Contingent Loans and Higher Education Financing: Theory and Practice; Nicholas Barr 6 The Challenge of Sustaining Student Loans Systems: Lessons from Chile and Colombia; Jamil Salmi 7 The Implications of Graduate Labor Market Performance in Designing a Student Loan Scheme for Malaysia; Lim Hock-Eam, Russayani Ismail and Yusnidah Ibrahim 8 Modeling Aggregate Loans Recovery of the Student Loans Fund in Thailand; Kiatanantha Lounkaew 9 Why don´t we just give them the Money? Financing Living Expenses of Students in Germany; Barbara Grave and Mathias Sinning PART III PROSPECTS BEYOND HIGHER EDUCATION 10 Improving Paid Parental Leave through Income Contingent Loans; Timothy Higgins 11 Internationalisation of ICLs to Deal with Human Capital Trade Imbalances; Philip Clarke and Bruce Chapman 12 The Role of Contingent Loans in Providing Equitable Access to Legal Aid; Richard Denniss 13 Income Contingent Loans for Business Innovation; Glenn Withers and Nitin Gupta 14 Using Income Contingent Loans to Pay for Health Care; Rhema Vaithianathan 15 Elderly Support Policies as Resource Contingent Loans; Rafal Chomik and John Piggott 16 Income Contingent Loans for the Unemployed: A Prelude to a General Theory of the Efficient Provision of Social Insurance; Joseph Stiglitz and Jungyoll Yun PART IV COMMENTARY 17 Overemphasized Costs and Underemphasized Benefits of Income Contingent Financing; Miguel Palacios 18 Aid Programs for Higher Education; Jungyoll Yun 19 Income Contingent Loans for Higher Education and Beyond; María Racionero 20 Why don´t we see more use of Income Contingent Loans?; John Quiggin 21 Future Directions for Income Contingent Loan Theory; Glenn Withers 22 Utilising the Low Transaction Costs of Contingent Loans - A General Framework for Policy Application; Richard Denniss

---

"It provides the most comprehensive theoretical treatment (accessible mainly to economists), but extending to the potential application of the concept to other arenas of public policy where the efficiency, consumption smoothing, and targeted redistributive properties of income contingent repayment obligations may be applicable. ... The chapters on implementation are particularly appropriate to higher education policy makers throughout the world ... ." (Bruce Johnstone, Economic Record, Vol. 92 (298), September, 2016)

---