1、外文题目THENEWSTUDENTLOANSYSTEMINCHILESHIGHEREDUCATION出处HIGHEREDUCATION作者CHRISTIANLARRALN,SALVADORZURITA原文THENEWSTUDENTLOANSYSTEMINCHILESHIGHEREDUCATIONABSTRACTCHILESHIGHEREDUCATIONSYSTEMSTANDSOUTASBEINGONEOFTHEMOSTPRIVATIZEDANDOPENTOTHEMARKETINTHEWORLDRECENTLY,THECHILEANCONGRESSPASSEDLAW20027OF2005,WHI
2、CHPROVIDESTHELEGALFRAMEWORKFORTHECREATIONOFASTUDENTLOANSYSTEMGUARANTEEDBOTHBYTHESTATEANDBYHIGHEREDUCATIONINSTITUTIONSHEIS,NANCEDBYTHEPRIVATECAPITALMARKETTHROUGHTHESECURITIZATIONOFTHELOANSTHESYSTEMOPERATEDFORTHERSTTIMEIN2006,WHEREAPPROXIMATELY21,000STUDENTSWEREABLETOACCESSNANCINGOFTHEIRHIGHEREDUCATIO
3、NFORTHEREMAINDEROFTHEIRCAREERSITISEXPECTEDTHATASTHESYSTEMMATURES,MOREANDBETTERINFORMATIONWILLBEAVAILABLE,WHICHWILLBENETTHESTUDENTSANDTHEHEISANDITISHIGHLYLIKELYTHATTHECURRENTNUMBEROFNANCEDSTUDENTSCOULDGROWSIGNICANTLYINTHENEXTFEWYEARSTHEPURPOSEOFTHISARTICLEISTODESCRIBETHEOUTSTANDINGCHARACTERISTICSOFTH
4、ISSYSTEM,EXPLAINITSCONCEPTUALBASISANDANALYZETHEPUBLICPOLICYCHOICESAVAILABLEINITSDESIGNKEYWORDSSECURITIZATION,HIGHEREDUCATIONLOANS,STATEGUARANTEES,FINANCIALDESIGNTHEREISCONSENSUSAMONGANALYSTSTHATEDUCATIONHASSIMILARDYNAMICSINMOSTCOUNTRIES,WITHTHEPOSSIBLEEXCEPTIONOFTHOSEWITHTHELOWESTINCOMEAMONGSEVENINT
5、ERNATIONALTENDENCIESIDENTIEDBYBRUNNERETAL2005,THEREISMASSICATIONOFEDUCATIONALSYSTEMSDUETOEVERINCREASINGACCESSOPPORTUNITIES,DIVERSICATIONANDRATIONALIZATIONOFSOURCESFORNANCINGHIGHEREDUCATIONINRESPONSETOTHEGROWINGCOSTSBROUGHTABOUTBYMASSICATION,ANDDISPLACEMENTOFTHECENTEROFGRAVITYOFHIGHEREDUCATIONFROMTHE
6、SPHEREOFTHESTATEANDCORPORATIONTOTHESPHEREOFMARKETANDCOMPETITIONBOERETAL2002COINCIDEWITHTHISANALYSISANDIDENTIFYAPERVASIVETENDENCYTOWARDCOMMERCIALIZATIONDUETOMASSICATIONOFHIGHEREDUCATION,AMONGOTHERCAUSESINEFFECT,INTHELASTFEWDECADESTHEHIGHEREDUCATIONSYSTEMSAREBECOMINGMOREMARKETORIENTED,INSTITUTIONSCOMP
7、ETEAMONGSTTHEMSELVESINTHEMARKETFORSTUDENTS,TEACHERS,RESOURCESANDREPUTATION,ANDTHESTATEPARTICIPATESINREGULATINGTHESEMARKETSWITHPROMARKETANDPROCOMPETITIONPOLICIESASBARR2003,AMONGOTHERS,RECOGNIZES,EDUCATIONANDINPARTICULARTHETENDENCYTOWARDITSMASSICATION,ISCURRENTLYMOREIMPORTANTTHANEVERINHISTORYANDTECHNO
8、LOGICALPROGRESSBRINGSABOUTTHENEEDFORADDITIONALTRAININGATVARIOUSSTAGESOFANINDIVIDUALSWORKINGLIFECHILEISATANINTERMEDIATEMASSICATIONPHASE3450,ASAREARGENTINA,URUGUAYANDBOLIVIADEVELOPEDCOUNTRIESAREGENERALLYATANADVANCEDPHASE5174,WITHONLYTWOCOUNTRIESATAUNIVERSALIZATIONPHASE75OROVER,KOREAANDFINLAND,ALTHOUGH
9、FOURARECLOSETOTHATSTAGE,NEWZEALAND,UNITEDSTATES,NORWAYANDSWEDENBRUNNERETAL2005CONCLUDETHATTHECHILEANHIGHEREDUCATIONSYSTEMISOFANINTERMEDIATESIZE,WITH650,000REGISTEREDSTUDENTSAND222INSTITUTIONSINTHESECTOR,OFWHICH90AREPRIVATETHESAMEAUTHORSCONCLUDE,HOWEVER,THATCHILEISUNIQUEINTHESTRENGTHWITHWHICHTHEFORCE
10、SOFSUPPLYANDDEMANDOPERATE,ANDINITSHIGHDEPENDENCEONPRIVATENANCINGINEFFECT,THESEAUTHORSCOMPARETHECHILEANHIGHEREDUCATIONSYSTEMWITHASAMPLEOFCOUNTRIES,WHICHINCLUDETHETHREEMAINECONOMIESOFLATINAMERICAARGENTINA,BRAZILANDMEXICO,THREEMEDIUMHIGHINCOMECOUNTRIESINTHEASIANSOUTHEASTMALAYSIAANDCENTRALEUROPEHUNGARYA
11、NDTHECZECHREPUBLIC,ANDAGROUPOFHIGHINCOMECOUNTRIESFROMDIFFERENTREGIONSOFTHEWORLD,CHARACTERIZEDBYASMALLORMEDIUMPOPULATIONSIZEANDAHIGHLYDEVELOPEDTERTIARYEDUCATIONSYSTEMCANADAANDFINLANDORTHATAREDEVELOPINGQUICKLYIRELAND,ISRAEL,NEWZEALANDANDPORTUGALTHEAUTHORSCONCLUDETHATTHECHILEANSYSTEMSTANDSOUTFORBEINGTH
12、EMOSTPRIVATIZEDANDOPENTOTHEMARKETWITHINTHESAMPLEOFCOUNTRIES,ASCANBEDEDUCEDFROMITSINSTITUTIONALSTRUCTUREANDLEVELOFPARTICIPATIONOFPRIVATEREGISTRATION,INADDITIONTOTHERELATIVEIMPORTANCEOFTHESTATEANDFAMILYTHEARTICLEISORGANIZEDASFOLLOWSINTHESECTIONPARTICIPATIONOFTHESTATEINEDUCATIONWEBRIEYPRESENTTHECASEFOR
13、PARTICIPATIONOFTHESTATEINNANCINGEDUCATIONINTHESECTIONTHESOLIDARYSYSTEMOFUNIVERSITYLOANSSSULWEPROVIDEASUMMARYOFTHEPREVIOUSSTUDENTLOANSYSTEMTHESOCALLEDSOLIDARYLOAN,ANDITSWEAKNESSESFINALLY,INTHESECTIONTHESTUDENTLOANSYSTEMOFLAWNO20,027OF2005WEADDRESSTHENEWMODEL,ANDDISCUSSITSFOUNDATIONSANDPOSSIBLEVARIATI
14、ONSPARTICIPATIONOFTHESTATEINEDUCATIONEDUCATIONCANBESEENASANINVESTMENTINHUMANCAPITAL,UNDERSTOODASTHESTOCKOFPRODUCTIVESKILLSANDKNOWLEDGEDEVELOPEDININDIVIDUALSTHEDECISIONTOPURSUEASTUDYPROGRAMISSIMILARTOADECISIONTOINVESTINPHYSICALCAPITALTHEINDIVIDUALTHATSTUDIESINCURSINDIRECTCOSTSREGISTRATION,ETC,BUTMAIN
15、LYINOPPORTUNITYCOSTSTHEINCOMESACRICEDBYNOTWORKING,ANDHENCEINORDERTOHAVEECONOMICINCENTIVESTOSTUDY,HEORSHEMUSTBECOMPENSATEDFORTHISSACRICEBYWAYOFGREATERINCOMEONCETHEIREDUCATIONISCOMPLETETHEMAINIDEAOFTHEHUMANCAPITALTHEORYISPRECISELYTHATTHEGREATERSUBSEQUENTINCOMEREPRESENTSCOMPENSATIONFORTHEINVESTMENTMADE
16、INBOTHTHEHUMANCAPITALANDTHESCREENINGMODELFOCUSONTHEPRIVATEBENETSOFEDUCATION,BUTEDUCATIONHASALSOSOCIALBENETS,FOREXAMPLE,GREATERSOCIALCOHESION,HIGHERFUTURETAXESDUETOHIGHERINCOME,ANDINCREASEDPRODUCTIVITYOFOTHERSECONOMIESOFSCOPEONTHISLASTASPECT,MORETTI2002NDSTHAT,AFTERCONTROLLINGTHROUGHOTHERFACTORS,IFTH
17、ENUMBEROFUNIVERSITYSTUDENTSRISESBY1INACITY,THISISRELATEDTOINCREASESINTHESALARIESOFEMPLOYEESWITHINCOMPLETEUNIVERSITYSTUDIES19,HIGHSCHOOLSTUDIES16ANDOTHERUNIVERSITYSTUDENTS04THEANALOGYBETWEENEDUCATIONANDANYINVESTMENTINPHYSICALCAPITALHASANIMPORTANTLIMITATION,HOWEVER,BECAUSEOFTHEDIFFERENTNATUREOFTHEPROP
18、ERTYRIGHTSBETWEENTHETWOFORMSOFCAPITALINEFFECT,WHILEPHYSICALCAPITALPROPERTYRIGHTSCANBEFREELYTRANSFERREDINAMARKETECONOMY,INAFREESOCIETYSLAVERYISNOTALLOWEDANDHENCEHUMANCAPITALPROPERTYRIGHTSAREINDISSOLUBLYCONNECTEDTOTHEPERSONINWHICHTHATHUMANCAPITALISEMBODIED,THESALEOFHUMANCAPITALISNOTPERMITTEDSALARYPAYM
19、ENTSANDWORKINCOMEARESEENASEQUIVALENTTORENTINGHUMANCAPITALANDEVENLONGTERMCOMMITMENTSINPERMANENTLABORRELATIONSAREBETTERCONCEPTUALIZEDASASEQUENCEOFSHORTTERMRENTALCONTRACTSFURTHERMORE,THELACKOFRELEVANTPUBLICINFORMATION,ASWELLASTHEEXISTENCEOFINFORMATIONASYMMETRIES,MAKESITDIFCULTFORPOTENTIALLENDERSTOEVALU
20、ATETHEEXPECTEDPROTABILITYOFDIFFERENTCAREERSINEFFECT,IFAMORTGAGELOANISCOMPAREDTOASTUDENTLOANINTERMSOFINFORMATION,THEPURCHASEROFAHOUSEUSUALLYKNOWSWHATHEORSHEISPURCHASING,HAVINGLIVEDINADWELLINGALLHIS/HERLIFEITISIMPROBABLETHATTHEHOUSESHOULDCAVEINANDTHEREISINSURANCETOCOVERTHISEVENTUALITY,ANDTOCOVEREARTHQ
21、UAKESANDRESANDALSOCATASTROPHESINCERTAINCASES,ANDTHEREISHISTORICALINFORMATIONABOUTTHEVALUEOFPROPERTIESANDTHEIREVOLUTIONTHROUGHOUTTIMEHOWEVER,THESTUDENTCANNOTBECERTAINTHATTHECHOSENCAREERWILLBEADEQUATETHEREFOREHEORSHEFACESRISKOFDESERTIONORCHANGEOFCAREER,THEREISTHERISKOFNOTSATISFACTORILYAPPROVINGTHEACAD
22、EMICREQUIREMENTSTHEHOUSECANFALL,INCERTAINCAREERSTHEREISANEVIDENTRISKOFEMPLOYABILITY,ANDTHEAVAILABLEINFORMATIONREGARDINGTHELABORMARKETINCHILEISSCARCEANDRECENTTHEREAREALSOINFORMATIONASYMMETRIESTHESEASYMMETRIESINPRINCIPLECOULDORIGINATEADVERSESELECTIONPROBLEMSTHEWORSTRISKSAPPLYFORLOANSANDMORALHAZARDFORE
23、XAMPLE,THEEFFORTOFTHESTUDENTDECREASES,ONCEHE/SHERECEIVESTHELOAN,THESEPROBLEMSCANBEMITIGATEDBUTNOTELIMINATEDBYTHELOANDESIGNTHEPREVIOUSCONSIDERATIONSHAVEMOTIVATEDMOSTCOUNTRIESTOPROVIDEPUBLICEDUCATIONORPUBLICNANCINGOFEDUCATION,MAINLYDUETOITSIMPLICATIONSINDISTRIBUTIONOFINCOMEANDPOVERTYTHEINCOMEOFAPERSON
24、INAMARKETECONOMYREECTSTHEAMOUNTANDVALUEOFTHERESOURCESTHEYCONTROLTHEREFOREINDIVIDUALSTHATAREPERMANENTLYPOORHAVELESSSKILLSANDSKILLSOFLOWERVALUETHANINDIVIDUALSTHATARENOTPOORHENCEANATTRACTIVEPUBLICPOLICYTOELIMINATEPOVERTYCONSISTSINPROVIDINGMOREANDBETTERRESOURCESTOSOCIETYSMOSTVULNERABLEINDIVIDUALSTHROUGH
25、EDUCATIONTHESOLIDARYSYSTEMOFUNIVERSITYLOANSSSULSINCETHEBEGINNINGOFTHE1980S,ANIMPORTANTPARTOFHIGHEREDUCATIONCOSTSINCHILEARECHARGEDTHROUGHREGISTRATIONFEESINTHECASEOFTECHNICALANDPROFESSIONALCAREERS,90OFANNUALFEESUCTUATEBETWEENUS1,500ANDUS5,000,DEPENDINGONTHETYPEOFINSTITUTIONANDCAREERCONSIDERINGTHATINCO
26、MEPERCAPITAINCHILEISAPPROXIMATELYUS9,900ADJUSTEDBYPPP,ONECONCLUDESTHATTHECOSTOFHIGHEREDUCATIONINCHILEISAMONGTHEHIGHESTINTHEWORLDALTHOUGHTHERECANBECAREERSWHOSECOSTSARENOTINLINEWITHTHEINCOMETHEYGENERATE,INGENERALTHECHARGEFORHIGHEREDUCATIONISJUSTIED,DUETOTHEHIGHASSOCIATEDECONOMICRETURNSASINFERREDBYFUTU
27、ROLABORAL,AGRADUATEFROMATECHNICALFORMATIONCENTEREARNS16TIMESTHEAVERAGESALARYOFAHIGHSCHOOLGRADUATEAGRADUATEFROMAPROFESSIONALINSTITUTEMAKES28TIMESTHESALARYOFAHIGHSCHOOLGRADUATE,ANDCOLLEGEGRADUATEEARNSFOURTIMESTHEAVERAGEINCOMEOFAPERSONWHOONLYHASCOMPLETEDHIGHSCHOOLBASICEQUITYCRITERIAREQUIRESTHEEXISTENCE
28、OFASTUDENTLOANSYSTEMTHATALLOWSNANCINGTHEPROTABLEINVESTMENTINEDUCATION,PARTICULARLYINACOUNTRYLIKECHILE,CHARACTERIZEDBYUNEQUALDISTRIBUTIONOFINCOME,INWHICHNOMORETHAN20OFTHEPOPULATIONCOULDNANCETHECOSTOFHIGHEREDUCATIONWITHTHEIROWNRESOURCESALTHOUGHTHESTATESTUDENTLOANSYSTEMSTARTEDATTHEBEGINNINGOFTHE1980S,I
29、TSCURRENTMODEORIGINATEDIN1994ANDISDENOMINATEDSOLIDARYSYSTEMOFUNIVERSITYLOANSSSULUNDERTHISSYSTEM,THELOANPAYMENTSARECONTINGENTONINCOME,WITHAMAXIMUMTERMOF15YEARSTHISTRADITIONALSYSTEMHASSHOWNSIXMAINLIMITATIONSTHECHILEANEDUCATIONSYSTEMCANBECHARACTERIZEDASDUAL,INTHESENSETHATTWOSECTORSCOEXISTTHEUNIVERSITYS
30、ECTOR,WHICHOFFERSACADEMICANDPROFESSIONALCAREERSANDANOTHERTHATISNONUNIVERSITY,WHICHOFFERSTECHNICALVOCATIONALPROGRAMSINTHISFRAMEWORK,ARSTLIMITATIONISTHATTHESSULHASINSUFCIENTCOVERAGE,BEINGRESTRICTEDTOLESSTHANHALFTHEUNIVERSITYSECTORTHE25PUBLICUNIVERSITIESGROUPEDINTHECOUNCILOFPRESIDENTSCONSEJODERECTORES,
31、EXCLUDINGTHERESTOFTHEUNIVERSITIESANDNONUNIVERSITYINSTITUTIONSTECHNICALFORMATIONCENTERSANDPROFESSIONALINSTITUTESSECOND,SINCETHISISNANCINGWITHSTATEFUNDS,ITISDIFCULTFORTHECURRENTSYSTEMTORESPONDTOTHEGROWINGLOANNEEDSDERIVEDFROMHIGHRATESOFGROWTHINTHENUMBEROFHIGHEREDUCATIONSTUDENTSHENCEOVERTIMEITSCOVERAGEW
32、ILLBECOMEEVENLESSSATISFACTORYTHIRD,LOANRECOVERYRATESHAVEBEENEXTREMELYLOWFOURTH,LOANINTERESTRATESWERESETAT2REAL,WHICHIMPLIESANIMPORTANTSUBSIDYTOINDIVIDUALSWHOBYTHEMEREFACTOFHAVINGACCESSTOHIGHEREDUCATIONINCHILEWILLBEPLACEDAFTERGRADUATIONINTHECOUNTRYSUPPERQUINTILEINCOMELEVEL,EVENIFANUMBEROFTHEMCAMEFROM
33、POORSECTORSFIFTH,STUDENTSWHORECEIVESUCHLOANSDONOTHAVEANYGUARANTEEREGARDINGRENEWALOFTHELOANS,SINCETHELOANISREASSIGNEDBASEDONAVAILABILITYOFRESOURCESSIXTH,DECENTRALIZEDMANAGEMENTGENERATESAPROBLEMOFLACKOFHORIZONTALIMPARTIALITYSINCEEACHUNIVERSITYISAUTONOMOUSINTHEMANNERITASSIGNSSTUDENTBENETSHENCETHEREMAYW
34、ELLBEUNEQUALTREATMENTOFSIMILARCANDIDATESTHESTUDENTLOANSYSTEMOFLAWNO20,027OF2005INTHISSECTIONWERSTANALYZETHECHALLENGESOFTHESYSTEM,THATIS,THEDESIRABLECHARACTERISTICSTHATASTUDENTLOANSYSTEMSHOULDHAVEFROMAPUBLICPOLICYPOINTOFVIEWTHENWEDESCRIBETHESYSTEM,ITSPLAYERSANDHOWTHEYRELATETOEACHOTHERDESIRABLECHARACT
35、ERISTICSOFTHELOANSTHENEWHIGHEREDUCATIONSTUDENTLOANSSYSTEMHESLSWASDESIGNEDFORTHEPURPOSEOFSATISFYINGCERTAINREQUISITESAND/ORDESIRABLECHARACTERISTICSTHENEWSYSTEMSHOULDSATISFYTHELOANNEEDSFORASIGNICANTANDGROWINGNUMBEROFSTUDENTSEACHYEAR,ANDATTENDTOTHENEEDSNOTONLYOFTHEUNIVERSITIESGROUPEDINTHECOUNCILOFPRESID
36、ENTS,BUTALSOOFPRIVATEUNIVERSITIES,PROFESSIONALINSTITUTESANDTECHNICALFORMATIONCENTERSTHECHILEANECONOMYHASHADAVERAGEGROWTHRATESOF6OVERTHELAST20YEARS,ANDTHISGROWTHHASBROUGHTHIGHERREALSALARIES,WHICHHASALLOWEDMOREYOUNGPEOPLETOACCESSHIGHEREDUCATION,MAINLYMIDDLECLASSHOWEVER,THERESTILLREMAINSAGREATGAPBETWEE
37、NTHEOPPORTUNITIESOFTHEMOREACCOMMODATEDSECTORSANDTHEMOREMODESTSECTORSIN2000,ONLY58OFEVERY100HIGHEREDUCATIONSTUDENTSCAMEFROMTHECHILESPOORESTQUINTILE,WHILE359WEREFROMTHERICHESTQUINTILEHENCETHENEEDTOPROVIDEADEQUATECOVERAGEISANIMPORTANTGOALFORTHENEWSYSTEMINORDERTOHAVEASENSEOFTHEMAGNITUDEOFTHENEEDS,IN2005
38、,650,000STUDENTSREGISTEREDFORHIGHEREDUCATION,ANDFROMHERETOTHEYEAR2010PROJECTSANAVERAGEGROWTHOFAPPROXIMATELY6PERYEARTHISPROJECTIONISCONSISTENTWITHCROSSSECTIONSTATISTICS,WHICHSHOWTHATWHILETHEPERCENTAGEOFSTUDENTSBETWEEN18AND24YEARSOLDTHATARECURRENTLYENROLLEDINHIGHEREDUCATIONISCOMPARABLETOOTHERLATINAMER
39、ICANCOUNTRIES35,ITISMUCHLOWERTHANINDEVELOPEDCOUNTRIESSUCHASSPAIN51ORTHEUNITEDSTATES74ALLOCATIONOFTHELOANSBASEDONNEEDEDUCATIONINCHILEISAPROTABLEINVESTMENTTHEREFORETOCOMMITSOMEOFTHESCARCEPUBLICRESOURCESTONANCEHIGHEREDUCATIONISONLYJUSTIEDINTHECASEOFSTUDENTSTHATOTHERWISEWOULDNOTBEABLETOOBTAINITFOREXAMPL
40、E,MIZALAANDROMANGERA2004REPORTAPRIVATERATEOFRETURNFOREDUCATIONINCHILEOF22,MUCHHIGHERTHANTHEESTIMATEDRETURNFORCOUNTRIESOFTHEOECDACCORDINGTOTHEESTIMATIONSOFPSACHAROPOULOSANDPATRINOS2004,THERETURNONUNIVERSITYEDUCATIONIS84INCANADA,79INDENMARK,181INGREATBRITAIN,117INHOLLAND,134INHUNGARY,157INMEXICO,119IN
41、NEWZEALAND,AND94INSWEDENCONSISTENTWITHTHEABOVEANDSINCETHEMOREMODESTSECTORSARETHEONESTHATFACEGREATERDIFCULTIESINRESPECTTOACCESSTOHIGHEREDUCATION,ADESIRABLECHARACTERISTICOFTHESYSTEMISTOPRIORITIZELOANSONTHEBASISOFNEED,AFTERSTUDENTSFULLLCERTAINMINIMUMACADEMICREQUISITESTHATGIVEREASONABLEEXPECTATIONOFACAD
42、EMICSUCCESSNONDISCRIMINATIONDUETOOTHERVARIABLESTHESYSTEMSHOULDENSURETHATTHEREISNODISCRIMINATIONBASEDONOTHERVARIABLESASTRICTLYPRIVATEASSIGNATIONCOULDTENDTODISCRIMINATEINRESPECTTO,FORINSTANCE,THEGENDEROFTHESTUDENT,THECAREERHEORSHEWISHESTOSTUDY,THEYEAROFSTUDIESHEORSHEISCURRENTLYTAKING,ORTHEHIGHEREDUCAT
43、IONINSTITUTIONINWHICHHEORSHESTUDIESINEFFECT,IFTHESECRITERIAARENOTEXPLICITLYSTATED,STUDENTSFROMUNIVERSITIESTHATARELESSPRESTIGIOUSAND/ORCAREERSWITHHIGHERDESERTIONRATESCOULDBEDISCRIMINATEDAGAINSTINRESPECTTOTHEACCESSTOAND/ORTHECOSTOFTHEIRLOANS外文题目THENEWSTUDENTLOANSYSTEMINCHILESHIGHEREDUCATION出处HIGHEREDU
44、CATION作者CHRISTIANLARRALN,SALVADORZURITA译文智利高等教育的新型助学贷款制度摘要智利的高等教育体制在世界上有名，因为它是最具私有化和最开放的市场之一。最近，智利国会通过了2005年20027号法律条案，提出了一个关于学生的贷款担保体系。这是由国家和高等教育机构（高校）共同创建的通过贷款在私人资本市场上的证券化进行融资的的法律框架。该系统在2006年首次实行，使得21000学生能够在剩余的学习生涯中接受高等教育。随着系统逐渐成熟，为学生和学校带来了更明显的好处，这将使得目前获得资助的学生的数量在未来几年内显著增加。本文的目的在于描述该系统的特征以及解释其基础概
45、念和分析能够在公共政策中应用的部分理论。关键词证券化,高等教育贷款,国家担保,金融设计很多分析师一致认为大部分国家的教育程度都是相似的，除了低收入国家。布伦纳（2005）等人确定了七个国际趋势由于教育准入机会的增加而引起的教育的大众化，由于教育成本的不断增涨而使得资助的多样化和合理化从而导致教育的大众化以及教育重心正从国家和培训中心转向市场和竞争领域。波尔（2002）等人通过分析一致认为，由于高等教育的大众化以及其他原因，使得教育的商业化成为一种普遍的趋势。实际上，在过去的几十年里，高等教育体系变得更加以市场为导向。学校之间通过学生，教师，资源和声誉进行市场竞争。国家也通过颁布政策来调节市场的
46、私人竞争。正如巴尔（2003）和其他人一样，意识到教育正在朝着大众化这一趋势发展。目前历史和技术进步使得一个人在工作生活的各个阶段都比以往更需要培训。智利正处于大众化中期阶段（3450），其他国家比如阿根廷，乌拉圭和玻利维亚。发达国家一般处于先进阶段（5174），只有两个国家处于普及阶段（75或以上），韩国和芬兰。尽管有四个国家接近这个阶段，新西兰，美国，挪威和瑞典。布伦纳（2005）等人得出的结论是智利高等教育系统处于中期阶段，是因为智力高等教育系统有65万注册学生和222个部门机构，但其中有90是私人机构。他们一致认为，智利的供给和需求力量都高度依赖私人融资，这种情况是非常少见的。实际上，
47、这些是作者将智利高等教育系统跟多个国家进行比较得出的，其中包括三个拉丁美洲（阿根廷，巴西和墨西哥），三个中等高度收入的国家包括亚洲东南部（马来西亚），欧洲中部（匈牙利和捷克共和国）以及一系列处于世界上不同地区的高收入国家，它们具有的特征都是小型或中型的人口规模和具有高度发达的高等教育体系（加拿大和芬兰），或者是发展迅速（爱尔兰，以色列，新西兰和葡萄牙的特点）。作者认为，智利高等教育体制出名是因为在样本国家中它是最具有最私有化和最开放的市场，这能够从其公共机构结构和私人参与水平，还有相对重要的国家和家庭推出。文章结构大致如下在“国家参与教育”一章中简要介绍了国家对教育资助的参与情况，在“高校贷款
48、相关系统（SSUL）”一章中，我们提供了一个以前的学生贷款制度（即所谓的连带贷款），以及分析其缺点总结。最后，在第“2005年学生贷款20027号法律”这一章中我们讲解新的模型，并讨论了其建立和可行性分析。一、国家参与教育教育可以被看做是对人的资本投资，换句话说就是以个人的学到的先进生产技能和知识作为回报。决定是否继续学习的过程就好像是决定是否进行资本投资。个人学习的直接成本（学费等），主要是机会成本（由于不工作而牺牲的收入）。所以学习动因的经济解释是，他或她必须完成学业来为过去能够得到的大部分的收入进行补偿。人类资本理论的主要思想正是用以后的更多的收入为投资作出补偿。人力资本和筛选模型的重点
49、都是教育的个人收益，但教育也是社会的收益。例如，加强社会凝聚力，未来高税收（由于较高的收入），并增加其他生产力（经济范围）。莫雷蒂（2002）发现，其他因素不变的情况下，如果城市大学生的人数上升了1，将引起在不完全相关的员工薪酬增加，大学学生（19），高中学生（16）和其他的学生（04）。教育与任何一种实物资本投资一样都具有一个重要的限制，然而这两种资本形式之间形成的财产权利的性质却是不同的。实际上，物质资本能够自由的在经济市场上转移。但是在一个自由的社会，奴隶制度是不被允许的，因此人力资本不能够在经济市场上自由转移。工资和工作收入被视为等同于租用人力资本的报酬，甚至长期永久性的劳资关系更象是一场短期租赁合同序列概念化的承诺。此外，由于公共信息的缺乏，以及信息不对称的存在，使得很难对潜在的不同职业的贷款人的预期收入进行评估。实际上，把国家助学贷款比作是按揭贷款，房子的买方通常都知道他或者她买的是什么，一辈子住的地方，房子不可能坍塌（而且为这种可能投递保险，包括地震，火灾，以及其他情况下的灾难），而且是有关物业的价值及其在整个时间演变的历史信息。但是学生不能确定所选择的职业是不是不变的（因为他或者她面临离职或者转行的风险）。不被
