Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia
Background: One of the challenges of countries is offering higher education (HE) to populations that are not able to access it. The problem lies in the fact that many citizens are unable to finance the costs of their education. Some countries have implemented a system of financing that is contingent...
- Autores:
-
Calderón Marenco, Eduardo Andrés
Garzón Correa, Camilo Andrés
López Hernández, Melisa
Bustos González, Atilio
Céspedes Gutiérrez, Oscar Yesid
- Tipo de recurso:
- Article of investigation
- Fecha de publicación:
- 2022
- Institución:
- Universidad Cooperativa de Colombia
- Repositorio:
- Repositorio UCC
- Idioma:
- OAI Identifier:
- oai:repository.ucc.edu.co:20.500.12494/52453
- Palabra clave:
- income-contingent financing
ICF
Student loans
Higher-education financing
Educational finance
- Rights
- openAccess
- License
- Atribución – No comercial – Compartir igual
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Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia |
| title |
Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia |
| spellingShingle |
Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia income-contingent financing ICF Student loans Higher-education financing Educational finance |
| title_short |
Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia |
| title_full |
Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia |
| title_fullStr |
Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia |
| title_full_unstemmed |
Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia |
| title_sort |
Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia |
| dc.creator.fl_str_mv |
Calderón Marenco, Eduardo Andrés Garzón Correa, Camilo Andrés López Hernández, Melisa Bustos González, Atilio Céspedes Gutiérrez, Oscar Yesid |
| dc.contributor.author.none.fl_str_mv |
Calderón Marenco, Eduardo Andrés Garzón Correa, Camilo Andrés López Hernández, Melisa Bustos González, Atilio Céspedes Gutiérrez, Oscar Yesid |
| dc.subject.none.fl_str_mv |
income-contingent financing ICF Student loans Higher-education financing Educational finance |
| topic |
income-contingent financing ICF Student loans Higher-education financing Educational finance |
| description |
Background: One of the challenges of countries is offering higher education (HE) to populations that are not able to access it. The problem lies in the fact that many citizens are unable to finance the costs of their education. Some countries have implemented a system of financing that is contingent on income, seeking to improve the number of students entering HE and to increase access to educational financing; however, this system requires commitments from higher-education institutions, the country, and companies; thus, this text analyzes the challenges and difficulties regarding the implementation of the current system. Methods: Based on comparative international experience, an analysis of the political and social factors that hinder the implementation of ICF was conducted. This article focuses on countries with average development indexes that are on the verge of applying such a model, as is the case with Colombia. Results: From the economic point of view of the public and private sectors, an ICF model is justified in countries with different economic and social conceptions, and reforms for the implementation of ICF are given by the vision of the political and economic system that each country might have. Conclusion: International experience concludes that, for the ICF model to be successful, it should focus on its beneficiaries; that is, it should accurately identify the aspects of the users of educational credit. Furthermore, politicians must show prodigious leadership skills to effectively explain the economic logic of political leaders. |
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2022 |
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2022-07-01 |
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2023-08-15T21:20:04Z |
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2023-08-15T21:20:04Z |
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Artículos Científicos |
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info:eu-repo/semantics/publishedVersion |
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20711050 |
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https://doi.org/10.3390/su14138058 https://hdl.handle.net/20.500.12494/52453 |
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Garzón-Correa, C.A.; Bustos-González, A.; López- Hernández, M.; Calderón, E.; Cespedes, O. (2022). Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia. Sustainability, 14, 8058. https:// doi.org/10.3390/su14138058 |
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20711050 Garzón-Correa, C.A.; Bustos-González, A.; López- Hernández, M.; Calderón, E.; Cespedes, O. (2022). Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia. Sustainability, 14, 8058. https:// doi.org/10.3390/su14138058 |
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https://doi.org/10.3390/su14138058 https://hdl.handle.net/20.500.12494/52453 |
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https://www.mdpi.com/2071-1050/14/13/8058 |
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Sustainability |
| dc.relation.references.none.fl_str_mv |
Owens, T.L. Higher education in the sustainable development goals framework. Eur. J. Educ. 2017, 52, 414–420. Donald, W.; Ashleigh, M.; Baruch, Y. Students’ perceptions of education and employability. Career Dev. Int. 2018, 23, 513–540. UNESCO Institute for Statistics. Indicator: Gross Enrollment Rate in Tertiary Education. Data Exported in November 2021. Available online: http://uis.unesco.org/ (accessed on 13 November 2021). Ferreyra, M.; Avitabile, C.; Botero, J.; Haimovich, F.; Urzúa, S. Decisive Moment Higher Education in Latin America and the Caribbean; World Bank Mundial: Washington, DC, USA, 2017. López-Leyva, S. Strengths and weaknesses of Latin American higher education for global competitiveness. Form. Univ. 2020, 13, 165–176. Rama, C. The New Phase of the Private University in Latin America; Fondo Editorial de la UIGV: Lima, Peru, 2012. King Domínguez, A. Governance and Performance in Latin American Universities. Ph.D. Thesis, Universitat Politècnica de Catalunya, Departament d’Organització d’Empreses, Barcelona, Spain, 2020. Brunner, J.; Miranda, D. Report on Higher Education in Ibero-America 2016; Editorial Universia; CINDA: Santiago de Chile, Chile, 2016; ISBN 978-956-7106-66-7. IESALC; UNESCO. Towards Universal Access to Higher Education: International Trends; UNESCO: Paris, France, 2020; Volume 12. Mayorga Camus, L. Between Hope and Hopelessness. Citizenship Education and Student Mobilization in a Chilean Public High School. Ph.D. Thesis, Columbia University, New York, NY, USA, 2020. Bassi, M.; Busso, M.; Jaime Vargas, J.; Urzúa, S. Disconnected: Skills, Education and Employment in Latin America; Inter-American Development Bank: Washington, DC, USA, 2012. DiPrete, T.A.; Bol, T.; Eller, C.C.; van de Werfhorst, H.G. School-to-Work Linkages in the United States, Germany, and France. Am. J. Sociol. 2017, 122, 1869–1938. Francesconi, M.; Parey, M. Early gender gaps among university graduates. Eur. Econ. Rev. 2018, 109, 63–82. Cai, Y.; Chapman, B.;Wang, Q. Repayment burdens of mortgage-style student loans in China and steps toward income-contingent loans. Econ. Educ. Rev. 2019, 71, 95–108. Strumbos, D.; Linderman, D.; Hicks, C. Postsecondary Pathways out of Poverty: City University of New York Accelerated Study in Associate Programs and the Case for National Policy. RSF Russell Sage Found. J. Soc. Sci. 2018, 4, 100. Superior Council of Criminal Policy of Colombia. National Public Policy on Restorative Juvenile Justice; Superior Council of Criminal Policy of Colombia: Bogota, Colombia, 2021. Ruff Escobar, C.; Ruiz Toledo, M.; Matheu Pérez, A.; Juica Martínez, P. Analysis of mixed financing policies in higher education and their effects on social mobility and research, the case of Chile. Gestión Política Pública 2020, 2, 413–445. Haskins, R.; Holzer, H.J.; Lerman, R. Promoting Economic Mobility by Increasing Postsecondary Education; Pew Charitable Trusts: Philadelphia, PA, USA, 2009. World Bank. Building an Equitable Society in Colombia; World Bank: Washington, DC, USA, 2021. Salmi, J. The challenge of sustaining student loans systems: Lessons from Chile and Colombia. In Income Contingent Loans; Palgrave Macmillan: London, UK, 2014; pp. 76–82. Chapman, B.; Doan, D. Introduction to the Special Issue Higher Education Financing: Student Loans. Econ. Educ. Rev. 2019, 71, 1–6. Boatman, A.; Callender, C.; Evans, B. Comparing high school students’ attitudes towards borrowing for higher education in England and the United States: Who are the most loan averse? Eur. J. Educ. 2022, 57, 199–217. Baum, S.; Flores, S. Higher Education and Children in Immigrant Families. Future Child. 2011, 21, 171–193. Barr, N.; Chapman, B.; Dearden, L.; Dynarski, S. The US college loans system: Lessons from Australia and England. Econ. Educ. Rev. 2019, 71, 32–48. González Fiegehen, L.; Espinoza, O. El Financiamiento de la Educación Superior y el Rol del Estado: Tensiones y Propuestas. In La Demanda Ciudadana por una Nueva Democracia; Fundacion Equitas-Ediciones Sur: Santiago de Chile, Chile, 2020; pp. 141–164. Deas, J.; Bravo, L. Financing Higher Education through Public Policies in Ecuador. Cofin Habana 2020, 14, e08. Naidoo, R. Higher Education as a Global Commodity: The Perils and Promises for Developing Countries; The Observatory on Borderless Higher Education: London, UK, 2007. Merton, R. The Matthew Effect in Science. Science 1968, 159, 56–63. Kerckhoff, A.C.; Glennie, E. The Matthew effect in American education. Res. Sociol. Educ. Social. 1999, 12, 35–66. Bustos-González, A. The transit of a teaching university to a research university. A problem of academic information, taxonomies or university rankings? El Prof. Inf. 2019, 28, e280422. Sanyal, B.C.; Johnstone, D.B. International trends in the public and private financing of higher education. Prospects 2011, 41, 157–175. Eurpean Commission/EACEA/Eurydice. National Student Fee and Support Systems in European Higher Education. Facts and Figures; Publications Office of the European Union: Luxembourg, 2020. Chapman, B. Income contingent loans for higher education: International reforms. Handb. Econ. Educ. 2006, 2, 1435–1503. OECD. Resourcing Higher Education: Challenges, Choices and Consequences; OECD: Paris, France, 2020. Kim, J.; Wiederspan, M. Evaluating South Korea’s Introduction of an Income Contingent Loan Program. Res High Educ. 2021, 62, 1–25. Mahroum, S.; Eldridge, C.; Daar, A.S. Transnational diaspora options: How developing countries could benefit from their emigrant populations. Int. J. Multicult. Soc. 2006, 8, 25–42. Britton, J.; Erve, L.; Higgins, T. Income contingent student loan design: Lessons from around the world. Econ. Educ. Rev. 2018, 71, 65–82. Gracia Ávila, O. Modeling of the Income-Contingent Financing System in Colombia; Uniandes: Bogotá, Colombia, 2018. Aurelio, B.; Yamirlis, G.; Tomás, A. Trend study of the process of access to Higher Education in Latin America and the Caribbean post COVID-19. J. Posit. Sch. Psychol. 2022, 6, 6331–6344. Chapman, B.; Ryan, C. Income Contingent Financing of Student Charges for Higher Education: Assessing the Australian Innovation. Welsh J. Educ. 2002, 11, 45–63. Chen, X.; Nunnery, A. Profile of Very Low-And Low-Income Undergraduates in 2015-16. Stats in Brief. NCES 2020-460; National Center for Education Statistics: Washington, DC, USA, 2019. Martinenghi, F. Increasing the price of a university degree does not significantly affect enrolment if income contingent loans are available: Evidence from HECS in Australia. arXiv 2021, arXiv:2102.03956. Chapman, B.; Dearden, L.; Doan, D. Global higher education financing: The income contingent loans revolution. In Changing Higher Education for a Changing World; Callender, C., Locke,W., Marginson, S., Eds.; Bloomsbury Academic: London, UK, 2020. Britton, J.; Gruber, J. Do Income Contingent Student Loan Programs Distort Earnings? Evidence from the UK; National Bureau of Economic Research: Cambridge, MA, USA, 2019. The, U.S. Financial Literacy and Education Commission. Opportunities to Improve the Financial Capability and Financial Well-Being of Postsecondary Students; Urban Institute for the US Department of the Treasury: Washington, DC, USA, 2015. Lustosa Rosario, A.C.; Yaacov, B.B.; Franco Segura, C.; Arias Ortiz, E.; Heredero, E.; Botero, J.; Brothers, P.; Payva, T.; Spies, M. Higher Education and COVID-19 in Latin America and the Caribbean; IDB:Washington, DC, USA, 2021. Valdebenito Duran, E.A. Economic Evaluation of Credit with State Guarantee: Profitability and Probability of Payment; Universidad de Chile: Santiago, Chile, 2019. Dearden, L.; Nascimento, P. Modelling alternative student loan schemes for Brazil. Econ. Educ. Rev. 2019, 71, 83–94. Unit of Attention and Reparation of Victims Colombia. Víctimas Registradas Históricamente; Unit of Attention and Reparation of Victims Colombia: Bogota, Colombia, 2021. OECD. Education at a Glance 2019; OECD: Paris, France, 2019. World Bank. Data Base: Indicator: GDP per Capita. Data Exported in December 2021; World Bank: Washington, DC, USA, 2021. Available online: https://datos.bancomundial.org/indicator/NY.GDP.PCAP.CD?locations=CO (accessed on 15 December 2021). Ministery of Education Colombia. Observatorio Laboral Para la Educación. 2021. Available online: https://ole.mineducacion. gov.co/portal/ (accessed on 21 November 2021). National Administrative Department of Statistics of Colombia. Gross Domestic Product Report of Colombia in 2019; National Administrative Department of Statistics of Colombia: Bogota, Colombia, 2020.x| Fundación Corona; Fundación Andi; USAID. National Inclusive Employment Report INEI 2018-2019; Fundación Corona: Bogota, Colombia, 2020. National Administrative Department of Statistics of Colombia. Resultados del Censo Nacional de Población y Vivienda; National Administrative Department of Statistics of Colombia: Bogota, Colombia, 2018. Menezes Nery de Oliveira, N.S.; Mourao, P.R. Taylor’s rule, political cycle, and Latin America-An analysis of time series in search of responsibility for monetary stabilization. PLoS ONE 2021, 16, e0259314. Ministery of Education Colombia. Consultation of Institutions National Information System for Higher Education in Colombia. 2021. Available online: https://hecaa.mineducacion.gov.co/consultaspublicas/ies (accessed on 25 November 2021). Van Long, N. Financing higher education in an imperfect world. Econ. Educ. Rev. 2019, 71, 23–31. |
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Calderón Marenco, Eduardo AndrésGarzón Correa, Camilo AndrésLópez Hernández, MelisaBustos González, AtilioCéspedes Gutiérrez, Oscar Yesid14 (13)2023-08-15T21:20:04Z2023-08-15T21:20:04Z2022-07-0120711050https://doi.org/10.3390/su14138058https://hdl.handle.net/20.500.12494/52453Garzón-Correa, C.A.; Bustos-González, A.; López- Hernández, M.; Calderón, E.; Cespedes, O. (2022). Challenges and Difficulties in Implementing an Income-Contingent-Financing Model in Higher Education in Colombia. Sustainability, 14, 8058. https:// doi.org/10.3390/su14138058Background: One of the challenges of countries is offering higher education (HE) to populations that are not able to access it. The problem lies in the fact that many citizens are unable to finance the costs of their education. Some countries have implemented a system of financing that is contingent on income, seeking to improve the number of students entering HE and to increase access to educational financing; however, this system requires commitments from higher-education institutions, the country, and companies; thus, this text analyzes the challenges and difficulties regarding the implementation of the current system. Methods: Based on comparative international experience, an analysis of the political and social factors that hinder the implementation of ICF was conducted. This article focuses on countries with average development indexes that are on the verge of applying such a model, as is the case with Colombia. Results: From the economic point of view of the public and private sectors, an ICF model is justified in countries with different economic and social conceptions, and reforms for the implementation of ICF are given by the vision of the political and economic system that each country might have. Conclusion: International experience concludes that, for the ICF model to be successful, it should focus on its beneficiaries; that is, it should accurately identify the aspects of the users of educational credit. Furthermore, politicians must show prodigious leadership skills to effectively explain the economic logic of political leaders.https://scienti.minciencias.gov.co/cvlac/visualizador/generarCurriculoCv.do?cod_rh=0001704898https://orcid.org/0000-0002-7840-6495https://orcid.org/0000-0002-4913-7329https://orcid.org/0000-0002-2851-2716https://orcid.org/0000-0001-9635-4978https://orcid.org/0000-0002-0822-2869https://scienti.minciencias.gov.co/cvlac/visualizador/generarCurriculoCv.do?cod_rh=0001704898eduardo.calderon@campusucc.edu.comelisa.lopezh@campusucc.edu.cocamiloa.garzon@ucc.edu.cooscar.cespedesg@campusucc.edu.coatilio.bustos@scimago.eshttps://scholar.google.com/citations?user=SQU30-kAAAAJ&hl=es14Universidad Cooperativa de Colombia, Facultad de Derecho, Derecho, BogotáDerechoBogotáhttps://www.mdpi.com/2071-1050/14/13/8058SustainabilityOwens, T.L. Higher education in the sustainable development goals framework. Eur. J. Educ. 2017, 52, 414–420.Donald, W.; Ashleigh, M.; Baruch, Y. Students’ perceptions of education and employability. Career Dev. Int. 2018, 23, 513–540.UNESCO Institute for Statistics. Indicator: Gross Enrollment Rate in Tertiary Education. Data Exported in November 2021. Available online: http://uis.unesco.org/ (accessed on 13 November 2021).Ferreyra, M.; Avitabile, C.; Botero, J.; Haimovich, F.; Urzúa, S. Decisive Moment Higher Education in Latin America and the Caribbean; World Bank Mundial: Washington, DC, USA, 2017.López-Leyva, S. Strengths and weaknesses of Latin American higher education for global competitiveness. Form. Univ. 2020, 13, 165–176.Rama, C. The New Phase of the Private University in Latin America; Fondo Editorial de la UIGV: Lima, Peru, 2012.King Domínguez, A. Governance and Performance in Latin American Universities. Ph.D. Thesis, Universitat Politècnica de Catalunya, Departament d’Organització d’Empreses, Barcelona, Spain, 2020.Brunner, J.; Miranda, D. Report on Higher Education in Ibero-America 2016; Editorial Universia; CINDA: Santiago de Chile, Chile, 2016; ISBN 978-956-7106-66-7.IESALC; UNESCO. Towards Universal Access to Higher Education: International Trends; UNESCO: Paris, France, 2020; Volume 12.Mayorga Camus, L. Between Hope and Hopelessness. Citizenship Education and Student Mobilization in a Chilean Public High School. Ph.D. Thesis, Columbia University, New York, NY, USA, 2020.Bassi, M.; Busso, M.; Jaime Vargas, J.; Urzúa, S. Disconnected: Skills, Education and Employment in Latin America; Inter-American Development Bank: Washington, DC, USA, 2012.DiPrete, T.A.; Bol, T.; Eller, C.C.; van de Werfhorst, H.G. School-to-Work Linkages in the United States, Germany, and France. Am. J. Sociol. 2017, 122, 1869–1938.Francesconi, M.; Parey, M. Early gender gaps among university graduates. Eur. Econ. Rev. 2018, 109, 63–82.Cai, Y.; Chapman, B.;Wang, Q. Repayment burdens of mortgage-style student loans in China and steps toward income-contingent loans. Econ. Educ. Rev. 2019, 71, 95–108.Strumbos, D.; Linderman, D.; Hicks, C. Postsecondary Pathways out of Poverty: City University of New York Accelerated Study in Associate Programs and the Case for National Policy. RSF Russell Sage Found. J. Soc. Sci. 2018, 4, 100.Superior Council of Criminal Policy of Colombia. National Public Policy on Restorative Juvenile Justice; Superior Council of Criminal Policy of Colombia: Bogota, Colombia, 2021.Ruff Escobar, C.; Ruiz Toledo, M.; Matheu Pérez, A.; Juica Martínez, P. Analysis of mixed financing policies in higher education and their effects on social mobility and research, the case of Chile. Gestión Política Pública 2020, 2, 413–445.Haskins, R.; Holzer, H.J.; Lerman, R. Promoting Economic Mobility by Increasing Postsecondary Education; Pew Charitable Trusts: Philadelphia, PA, USA, 2009.World Bank. Building an Equitable Society in Colombia; World Bank: Washington, DC, USA, 2021.Salmi, J. The challenge of sustaining student loans systems: Lessons from Chile and Colombia. In Income Contingent Loans; Palgrave Macmillan: London, UK, 2014; pp. 76–82.Chapman, B.; Doan, D. Introduction to the Special Issue Higher Education Financing: Student Loans. Econ. Educ. Rev. 2019, 71, 1–6.Boatman, A.; Callender, C.; Evans, B. Comparing high school students’ attitudes towards borrowing for higher education in England and the United States: Who are the most loan averse? Eur. J. Educ. 2022, 57, 199–217.Baum, S.; Flores, S. Higher Education and Children in Immigrant Families. Future Child. 2011, 21, 171–193.Barr, N.; Chapman, B.; Dearden, L.; Dynarski, S. The US college loans system: Lessons from Australia and England. Econ. Educ. Rev. 2019, 71, 32–48.González Fiegehen, L.; Espinoza, O. El Financiamiento de la Educación Superior y el Rol del Estado: Tensiones y Propuestas. In La Demanda Ciudadana por una Nueva Democracia; Fundacion Equitas-Ediciones Sur: Santiago de Chile, Chile, 2020; pp. 141–164.Deas, J.; Bravo, L. Financing Higher Education through Public Policies in Ecuador. Cofin Habana 2020, 14, e08.Naidoo, R. Higher Education as a Global Commodity: The Perils and Promises for Developing Countries; The Observatory on Borderless Higher Education: London, UK, 2007.Merton, R. The Matthew Effect in Science. Science 1968, 159, 56–63.Kerckhoff, A.C.; Glennie, E. The Matthew effect in American education. Res. Sociol. Educ. Social. 1999, 12, 35–66.Bustos-González, A. The transit of a teaching university to a research university. A problem of academic information, taxonomies or university rankings? El Prof. Inf. 2019, 28, e280422.Sanyal, B.C.; Johnstone, D.B. International trends in the public and private financing of higher education. Prospects 2011, 41, 157–175.Eurpean Commission/EACEA/Eurydice. National Student Fee and Support Systems in European Higher Education. Facts and Figures; Publications Office of the European Union: Luxembourg, 2020.Chapman, B. Income contingent loans for higher education: International reforms. Handb. Econ. Educ. 2006, 2, 1435–1503.OECD. Resourcing Higher Education: Challenges, Choices and Consequences; OECD: Paris, France, 2020.Kim, J.; Wiederspan, M. Evaluating South Korea’s Introduction of an Income Contingent Loan Program. Res High Educ. 2021, 62, 1–25.Mahroum, S.; Eldridge, C.; Daar, A.S. Transnational diaspora options: How developing countries could benefit from their emigrant populations. Int. J. Multicult. Soc. 2006, 8, 25–42.Britton, J.; Erve, L.; Higgins, T. Income contingent student loan design: Lessons from around the world. Econ. Educ. Rev. 2018, 71, 65–82.Gracia Ávila, O. Modeling of the Income-Contingent Financing System in Colombia; Uniandes: Bogotá, Colombia, 2018.Aurelio, B.; Yamirlis, G.; Tomás, A. Trend study of the process of access to Higher Education in Latin America and the Caribbean post COVID-19. J. Posit. Sch. Psychol. 2022, 6, 6331–6344.Chapman, B.; Ryan, C. Income Contingent Financing of Student Charges for Higher Education: Assessing the Australian Innovation. Welsh J. Educ. 2002, 11, 45–63.Chen, X.; Nunnery, A. Profile of Very Low-And Low-Income Undergraduates in 2015-16. Stats in Brief. NCES 2020-460; National Center for Education Statistics: Washington, DC, USA, 2019.Martinenghi, F. Increasing the price of a university degree does not significantly affect enrolment if income contingent loans are available: Evidence from HECS in Australia. arXiv 2021, arXiv:2102.03956.Chapman, B.; Dearden, L.; Doan, D. Global higher education financing: The income contingent loans revolution. In Changing Higher Education for a Changing World; Callender, C., Locke,W., Marginson, S., Eds.; Bloomsbury Academic: London, UK, 2020.Britton, J.; Gruber, J. Do Income Contingent Student Loan Programs Distort Earnings? Evidence from the UK; National Bureau of Economic Research: Cambridge, MA, USA, 2019.The, U.S. Financial Literacy and Education Commission. Opportunities to Improve the Financial Capability and Financial Well-Being of Postsecondary Students; Urban Institute for the US Department of the Treasury: Washington, DC, USA, 2015.Lustosa Rosario, A.C.; Yaacov, B.B.; Franco Segura, C.; Arias Ortiz, E.; Heredero, E.; Botero, J.; Brothers, P.; Payva, T.; Spies, M. Higher Education and COVID-19 in Latin America and the Caribbean; IDB:Washington, DC, USA, 2021.Valdebenito Duran, E.A. Economic Evaluation of Credit with State Guarantee: Profitability and Probability of Payment; Universidad de Chile: Santiago, Chile, 2019.Dearden, L.; Nascimento, P. Modelling alternative student loan schemes for Brazil. Econ. Educ. Rev. 2019, 71, 83–94.Unit of Attention and Reparation of Victims Colombia. 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