Didenko D.V.State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), Moscow, Russian Federation ddidenko@bloomberg.net
Importance The article overviews market trends in providing student loans in Russia as seen in the recent years, and governmental policy for encouraging the development of such lending as a promising area for making quality educational services more accessible and affordable for population. Objectives The research investigates new trends in developing student loans in Russia after the 2008-2009 financial and economic crises, focusing on the State's institutional innovation, as compared with foreign practices. I also evaluate the prospects for developing student loans on the part of financial institutions and propose possible financial mechanisms. Methods Economic theories on human capital and the institutional theory constitute a methodological underpinning of the research. The research draws upon the general scientific methods of analysis (logic, regulatory, deduction, induction, abstraction, analogy, expert assessment). Results I found out that the segment of student loans is pretty small in Russia, and identified positive trends in forming relevant institutions of the State. I submit certain recommendations on how the relevant experience of the developed economies can be used in Russia, and determine effective ways to overcome the existing difficulties. Conclusions and Relevance Active development of special-purpose lending for educational purposes is a drastic market initiative to make quality educational services more accessible and affordable for population, considering high demand for higher professional training in Russia. I propose measures for developing the student loan facilities that would respect interests of financial institutions, rather than the providers and consumers of educational services only.
Keywords: human capital, continuous education, finance, loan, securitization
References:
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