著者

川崎 成一

出版者

東京大学大学院教育学研究科

雑誌

東京大学大学院教育学研究科紀要 (ISSN:13421050)

巻号頁・発行日

vol.48, pp.353-364, 2009-03-10

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While tuition and other education-related costs continue to rise, the federal loan limits have remained relatively stagnant. Private student loans have been the fastest growing segment of financial aid. The growth of private student loans depends on the capital markets, which include asset-backed securities and bond issues. But the subprime mortgage credit crisis occurred in August 2007 and continued disruptions in the capital markets resulted in higher funding costs for lenders who participate in the term securitization market. As a result of the confluence of legislative and capital market challenges, many players have exited or scaled back activities in the education finance industry. To make matters worse, student loans, especially private loan losses will increase in reaction to weaker economic conditions. If this happens, borrowers with high-risk characteristics such as low FICO scores don’t have a chance to borrow private loans. There is a possibility of depriving of the equality of opportunity