The CAE, Challenges and Lessons
DOI:
https://doi.org/10.11565/oe.v1i187.548Keywords:
Higher education, Student financing, Crédito con Aval del Estado (state-guaranteed student loan), Loan delinquency, Debt forgivenessAbstract
The Crédito con Aval del Estado (CAE, Chile's state-guaranteed student loan) was created in 2005 to expand access to higher education. It has enabled more than 1.2 million students to finance their studies, but it has also generated total debt of US$11.9 billion. The CAE interest rate was cut from 5.8% to 2% in 2012. However, the delinquency rate has risen significantly in recent years, possibly because of expectations that the loans will be forgiven. This raises important challenges and lessons regarding how to design and communicate this type of public policy.
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