The Higher Education Contribution Scheme (HECS) was introduced in Australia over 25 years ago, and was the first nationally-based income contingent loan (ICL) scheme. It has since been successfully implemented in eight other countries and currently there are around four or more countries in which research is underway aimed at its adoption.
The benefits of such instruments have been recognised in research involving disparate potential applications, including for: extensions of paid parental leave, legal aid, business innovation, health care, drought relief, the payment of low level criminal fines and providing for aged care.
Professor Bruce Chapman is a Professor of Economics at the Australian National University’s (ANU) Research School of Economics, and Research School of Finance, Actuarial Studies & Statistics. He was educated at the ANU and Yale University and has published over 200 papers and several books in applied economics and economic policy. He is best known for his work on income contingent loans.