|
|
| Dimensions: 6'' x 9'' |
 |
| 312 pages |
|
|
AEI Press
(Washington)
|
|
| Publication Date: May 2007 |
|
|
| Paperback |
| ISBN: 0-8447-4253-8; 978-0-8447-4253-3 |
| Price: $ 20.00 |
Add to Cart  |
|
| Examination Copies |
|
|
|
|
View the introduction to Footing the Tuition Bill as an Adobe Acrobat PDF.
A college degree is the key to opportunity and economic success in America today, a fact that has brought new attention to questions of college access and affordability. Rising college costs and low levels of household savings mean that existing federal loan and grant programs cannot meet the needs of many students. The search for additional funds has spurred explosive growth in private, "nontraditional" student loans. The private student loan market, which was only an afterthought fifteen years ago, today accounts for 18 percent of all loans for postsecondary education. Although much attention is paid to federal loan and grant programs, this emergent sector has largely escaped careful scholarly analysis.
The growth of the private loan market provides an opportunity to reexamine a system of federal student aid that was designed in the 1960s and early 1970s, an era when colleges and credit markets looked very different than they do today. Footing the Tuition Bill explores fundamental questions about the purposes of federal student loans, how well traditional arrangements and gatekeepers work in the modern era, and how innovations might offer guidance for rethinking the design of financial aid. This collection of pioneering studies examines why the private postsecondary lending market has emerged, what it looks like, how it works, and the possibilities and tensions it poses for the future efforts to ensure that the doors of college are open to all Americans.
Contributors: Richard Lee Colvin, director, Hechinger Institute on Education and the Media, Teachers College, Columbia University; Richard George, Great Lakes Higher Education Corporation; Alan Greenblatt, Governing magazine; William D. Hansen, Chartwell Education Group; Frederick M. Hess (editor), American Enterprise Institute; Joseph Keeney, founder and chief executive officer, School Choice Investments; Bridget Terry Long, associate professor of education and economics, Harvard Universityıs Graduate School of Education; Christopher Mazzeo, former senior policy analyst, National Governors Association Center for Best Practices; Erin K. Riley, independent research consultant; Andrew Rudalevige, associate professor of political science, Dickinson College; John R. Thelin, research professor, University of Kentucky Education Policy Studies School.
Table of Contents
Introduction by Frederick M. Hess
-The Federal Loan Landscape
-A Quick Guide to Key Actors
-An Anachronistic System?
-Overview of the Volume
Chapter 1: "Higher Education's Student Financial Aid Enterprise in Historical Perspective" by John R. Thelin
-Principles and Precedents: The Historic Roots of Financial Aid
-The Principles and Pilot of the 1944 GI Bill
-The 1947 Truman Commission Report: Access and Affordability
-Some Landmark Developments of the Past Half-Century
-The High Tide of Federal Student Financial Aid Programs: The 1972 Reauthorization of the Higher Education Act
-Readjustments of Federal Student Aid Programs, 1978-90
-Closing the "Tuition Gap" in Statewide Higher Education Planning: State Scholarships and Independent Colleges
-Recent Trends
-Conclusion: Connecting Past and Present in Policy Analysis
Chapter 2: "Opportunity Costs: The Politics of Federal Student Loans" by Andrew Rudalevige
-Federal Student Loans: Actors, Organizations, and Issues
-The Higher Education Act, Forty Years On
-The Path (Dependence) Ahead
Chapter 3: "Private Lending and Student Borrowing: A Primer" by Christopher Mazzeo
-Defining Private Loans
-Profiling the Private Loan Industry
-Understanding the Growth of Private Loans
-Recommendations for Federal and State Policymakers
Chapter 4: "The Demand Side of Student Loans: The Changing Face of Borrowers" by Bridget Terry Long and Erin K. Riley
-College Loan Programs: The Supply Side
-The Characteristics of Borrowers
-Concerns about Student Loans: Too Much or Not Enough Debt?
-Conclusions
Chapter 5: "The Supply Side of Student Loans: How Global Capital Markets Fuel the Student Loan Industry" by Joseph Keeney
-Student Loan Volume and Growth
-The Student Loan Industry
-Key Metrics: The Art and Science of Loan Issues
-Student Loan ABSs: A New and Rapidly Growing Asset Class
-Student Loan ABS Investors
-The Nuts and Bolts of Student Loan Securitization
-Market Risks and Opportunities
-Disclosure and Compliance
-International Student Loan Market
-Summary
Chapter 6: "Marketing Opportunity: Challenges and Dilemmas" by Richard Lee Colvin
-Sallie Mae: "We're Big amd We're Competitive"
-First Marblehead: Behind-the-Scenes Giant
-Banks and Private Loans
-Consolidators: A New Kind of Business
-MyRichUncle
-Questions Raised
Chapter 7: "The End of Autonomy: How the Role of the Financial Aid Office is Changing" by Alan Greenblatt
-An Accidental Profession
-An Era of Free Agency
-Losing Clout
-Going Private
-What's Best for Students
-Interactions with the Loan Industry
-Access and Influence
-Conclusion
Chapter 8: "Thoughts on the Industry's Past and Present: An Insider's Perspective" by Richard George
-The Perspective
-A Brief Outline of Context
-Private or Alternative Loans
-An Alternative Path
-A Necessary Reform
-Conclusion
Chapter 9: "Projections for the Student Loan Industry" by William D. Hansen
-Federal Financial Aid Overview: Grants and Loans
-Alternative Market Mechanisms
-Impact of the Deficit Reduction Act
-New Policies and Needed Reform
-Growth in Alternative Student Loans
-Considerations for the Future
-Conclusion
