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盈利性大学与学生贷款债务不履行比例 --贝克

(2010-06-25 23:28:12)
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译者:daiwq


鉴于大学教育十分昂贵, 许多学生除非得到经济上的帮助,否则不可能接受更高程度的教育。一些学生很幸运,能从父母处得到必要的资金,但是在美国和另外一些地区,其他很多学生需要 贷款方能上大学。绝大部分提供给学生的助学贷款都是由政府提出高补贴,或者直接通过政府贷款,并附带较低利率和其他优惠条款,又或通过私人银行提供给学生 附带有限利息的贷款,并由政府提供保证。

Even though student loans cannot be discharged through personal bankruptcy, default rates have been high. The average rate of default in 2007 was high, about 7%, but still much below the over 20% rate in 1990. In addition, many borrowers with lower incomes work out terms that involve slow and usually only partial repayments of the amounts borrowed. As Posner indicates, for-profits have a high default rate of close to 25% on their student loans. There is a clear hierarchy in default rates by type of school: For-profits have the highest default rates, followed by public and non-profit junior colleges, then by graduates of four year colleges, and graduates of medical and law schools, and other high earning professionals have the lowest default rates.

虽然学生贷款债务不会因个人破产而免除,债务不履行的比率仍旧很高。2007年的平均清偿不能的比例高达7%,不过比较 1990年的20%已经降低许多。此外,许多低收入的贷款者还款较慢或通常只能部分偿还。就像波斯纳指出的那样,盈利性大学在他们发放的学生贷款方面出现 清偿不能的比例高达25%。(因此,)在贷款债务不履行的比率方面,很明显是按照学校的类型分为不同级别的:盈利性大学学生贷款欠款不还的比例最高,其次 是公立和非赢利性专科学校,再次是学制四年的大学毕业生,医学、法律院校的毕业生以及其他高收入专业院校的毕业生,(他们)欠款不还的比例最低。

Since student loans are heavily dependent on government financing, governments have a legitimate and important interest in these default rates. Consequently, it is proper for governments to impose limits to colleges on both the fraction of their students who can default, and also on the fraction of students at a school who can receive government loans. However, the present default limits of 25% for profit-making institutions are too generous. Banks would be forced out of business if the default rates on their commercial loans were so high. The maximum allowable default rates should be cut to 15% %, or so. That itself, without any other changes, would give for-profit and other colleges much stronger incentives to police better who they accept as students since they would not want to exceed such more stringent ceiling on default rates.

因为学生贷款极大地依赖于政府财政,所以政府对债务不履行比例有合理(合法)且重要的关注。因此,在大学学生贷款清偿不能比 例和院校能够接受多少政府贷款方面,政府对此两者提高限制是适当的。不论如何,目前针对盈利机构来说放宽至25%的欠款不还比例实在过于宽容。如果商业贷 款拖欠率有(学生贷款拖欠率)那么高,银行将无法继续经营。最大允许出现的学生贷款拖欠率应当被降低至15%左右。因为不想超过该债务不清偿的最高限额, 因此光靠只一点而不需要其他方面的改变,就能给予盈利性大学和其他院校更多的激励因素来更好地监管学生入学问题。

A lowering of the permitted default rate is a far superior approach to reducing defaults than is the proposed limit on the amount of loans available to students who are expected to have low incomes. For it is hard in most cases to know in advance how much a student borrower will eventually earn. Students entering well-paying fields may turn out to do badly, whereas those entering poorly paying fields might do extremely well. Colleges have a strong incentive to police their default rates in order to remain eligible for student loans, but one can hardly expect government officials to be able to predict with any accuracy the eventual earnings of students applying for loans.

降低学生贷款拖欠不还的宽限比例,而不是针对预期收入较低的学生限制贷款总额,能 够更好地减少债务不履行问题。这是因为在大多数案例中提前知晓有多少学生贷款人最终会还钱十分困难。一切进入高薪行业的学生也许在履行债务方面做得很差, 而那些赚钱辛苦的学生却可能及时还款。为了保证学生贷款项目金额,大学有强烈的动机对他们的贷款拖欠率进行监管,但是我们不能指望政府官员去预测那些申请 贷款的学生最后到底能赚多少钱(以便还款)。

Unfortunately, various proposals to restrict loans to low earning students partly reflect the  federal government's desire to bash for-profit colleges. Yet these colleges play a significant role in the portfolio of college choices available to students. For-profit colleges appeal to older and fulltime working students who never received a college education. To be sure, the quality of the courses offered by for-profit colleges are generally are not so high. But many public colleges, such as Loop College in Chicago, or Santa Monica Junior College, also offer courses at the low end of the quality spectrum, and also have high loan default rates. That for-profit colleges can compete against highly subsidized public and private non-profit schools indicates that the for-profits are offering an education valued by certain students that is not available to them at other schools.

遗憾的是,大量限制低 收入学生贷款的建议对联邦政府打击盈利性大学的意愿产生了一定影响。然而,这些大学在学生可选择高校的范围内占据了重要位置。盈利性大学能够吸引那些年龄 较大以及从事全职工作却从未接受过大学教育的学生。可以肯定的是,盈利性大学提供的教学质量总体来说不是很高。但是,许多公立大学,比如芝加哥的哈罗德华 盛顿大学(原文为Loop College,为一所两年制大学。Loop指芝加哥旧城区[大致相当于我国城市“xx环”的概念],Loop College在1987年更名为哈罗德华盛顿大学以纪念同名的第一位非洲裔芝加哥市长,具体见这里——译 注)以及圣塔莫尼卡初等大学,也提供低层级的课程,同样面临贷款高拖欠率的问题。盈利性大学能够和高补贴的公立和私人非赢利性大学展开竞争,显示了盈利性 大学为特定层面的学生提供了其他学校无法为他们提供的教学培养。

In addition, comparison of default rates between for-profit colleges and public colleges is not the right measure of how much government subsidies they receive. All public colleges and most private ones receive large direct subsidies from various governments that enable them to offer much lower tuition levels than are offered by for-private colleges. Many students in public colleges, especially the lower quality ones, also drop out without finishing, and also receive low earnings, after having been generously subsidized by governments. The right comparison between for-profit and public schools might be the increase in earnings of students per dollar of government subsidy, no matter what form these subsidies take. The for-profits may still look worse on this measure than do the public colleges they compete against, but the difference would be much smaller than the differences in default rates.

此外,对盈利性大学和公立大学的贷款拖欠率进行比较,并非衡量他们接受政府补贴数额的良好方法。所有的公立大学和大部分私立 学校都从各级政府直接获取了高额补贴,以便其提供与盈利性大学相比较低学费的课程。很多公立大学,特别是入读那些低质量大学的学生,同样出现辍学情形,也 同样在接受了慷慨的政府补助后薪资较低。正确比较盈利性大学和公立大学的方法或许应当是把政府补贴和学生收入间的比率作为对照,并且无论补贴通过何种方式 获取。可能盈利性大学在这种比照方法中还是和他们竞争的公立大学之间有一定差距,但比起通过贷款拖欠率进行比较差距已经缩小不少。

Some argue that for-profits can only compete by misleading students into believing they will benefit much more from such an education than they will actually benefit. Clearly, some of that does occur. However, even some of the best colleges and universities are quite misleading in their advertising and other attempts to attract students. For example, very few philosophy, French, or English Lit departments warn incoming students that jobs in their fields are scarce, and that most entering students may never get a decent job using their specialized training. To be sure, for-profits tend to be more flagrant in their efforts to attract students, but it is a difference in degree.

一些人争辩说盈利性大学只能通 过误导学生使其认为自己所获得的收益并非“言过其实”,以此来获得竞争力。无疑这种情况是存在的。然而,即使是最顶级的大学院校也存在宣传和实际情况“货 不对板”的情形。举例来说,哲学和英法文学系很少会警示他们招徕的学生在其专业领域工作机会十分匮乏,而且,大部分进入这些科系学习的学生也许从来无法找 到专业对口的体面工作。可以确信的是,盈利性大学在千方百计吸引学生方面名声不佳,不过其他院校也只不过是五十步笑百步而已。

So my conclusion is that while stiffer default rules on government subsidized student loans are needed, for-profits should not be discriminated against in these rules since they offer valuable forms of education. Moreover, public colleges receive substantial direct government subsidies that for-profit colleges do not receive. With lower allowable default rates, for-profit (and other colleges) would cut back on the number of students accepted whom they expect to eventually default on their student loans.
所以,我的结论是,在 政府补贴学生贷款的拖欠规范方面应当更为强硬,盈利性大学不应当排斥这些规范,因为他们提供了有价值的教学(能够顾吸引不少学生)。而且,公立大学能够获 取盈利性大学所无法获取的政府直接补贴。降低学生贷款拖欠率的限额,盈利性(以及其他)大学将会削减那些预计最终无法偿还贷款学生的数量。

原文:http://uchicagolaw.typepad.com/beckerposner/2010/06/default-rates-and-for-profit-colleges--becker.html

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