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Deferred tuition fee in THE CR

Deferred tuition fee in THE CR . Petr Wawrosz Herbert Heissler University of Finance and Administration Prague, Czech Republic . Number of Czech Citizens Studing at Czech Universities. 1993: 123 thousands 2011: 357 thousands

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Deferred tuition fee in THE CR

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  1. Deferred tuition fee in THE CR Petr Wawrosz Herbert Heissler University of Finance and Administration Prague, Czech Republic

  2. Number of Czech Citizens Studing at Czech Universities • 1993: 123 thousands • 2011: 357 thousands • Impossibletrinity:larger quantity, higher quality and moderate public spending

  3. Importance of Human Capital • Decline importance of other factors:- raw materials- capitals tocks- technology • Human capital- private and public returns • Education for citisenships versus vocational training

  4. Problems connected with investmenst in HC • Private benefits are realized ex post • Owner of HC cannot give satisfied guarantee • How to overcome liquidity constraint : postpone payment to the period when borrower earn enough money • Possible ways:- Human Capital Contract- Graduate tax- Income Contingent Loan

  5. HUMAN Capital CONTRACTS • = a voluntary private contract between a student and an investor in which a student commits part of his future earnings to an investor for a fixed period of time in exchange for capital for financing education • Main parameters:- percentage of income and the repayment period • Disadvantages:- hidden income- adverse selection- willingness investors to invest money for lung run (bad example: MRU)

  6. Graduate Tax • State lend money to student (can give directly money to university) • Student return money in form of graduate tax

  7. INCOME Contingent LOAN • Australia (HECS, HELP) • Great Britain • Government Participation

  8. CZECH RePUblic • What is necessary to explain (clearly stipulate):- The place of the student loan scheme or schemes in the total array of policy elements making up the complex sharing of higher educational cost. - The aim of the loan scheme. - The degree of subsidization (how much government subsidizes the loan). - The method of rationing or targeting (who recieves loans). - Default risk. - The manageability of repayments. - Method of disbursement.

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