Student loan

Tertiary student places in Australia are usually funded through the HECS-HELP scheme. This funding is in the form of loans that are not normal debts. They are repaid over time via a supplementary tax, using a sliding scale based on taxable income. As a consequence, loan repayments are only made when the former student has income to support the repayments. Discounts are available for early repayment. The scheme is available to citizens and permanent humanitarian visa holders. Means-tested scholarships for living expenses are also available. Special assistance is available to indigenous students.^[1]

There has been criticism that the HECS-HELP scheme creates an incentive for people to leave the country after graduation, because those who do not file an Australian tax return do not make any repayments.^[2]

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Tertiary education fees in Australia

Tertiary education fees in Australia

Tertiary education fees in Australia are payable for courses at tertiary education institutions. The Commonwealth government provides loans and subsidies to relieve the cost of tertiary education for some students. Some students are supported by the government and are required to pay only part of the cost of tuition, called the "student contribution", and the government pays the balance. Some government supported students can defer payment of their contribution as a HECS-HELP loan. Other domestic students are full fee-paying and do not receive direct government contribution to the cost of their education. Some domestic students in full fee courses can obtain a FEE-HELP loan from the Australian government up to a lifetime limit of $150,000 for medicine, dentistry and veterinary science programs and $104,440 for all other programs.

Australia

Australia

Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. Australia is the largest country by area in Oceania and the world's sixth-largest country. Australia is the oldest, flattest, and driest inhabited continent, with the least fertile soils. It is a megadiverse country, and its size gives it a wide variety of landscapes and climates, with deserts in the centre, tropical rainforests in the north-east, and mountain ranges in the south-east.

Indigenous Australians

Indigenous Australians

Indigenous Australians are people with familial heritage from, and membership in, the ethnic groups that lived in areas within the Australian continent before British colonisation. They consist of two distinct groups: the Aboriginal peoples of the Australian mainland and Tasmania, and the Torres Strait Islander peoples from the seas between Queensland and Papua New Guinea. The term Aboriginal and Torres Strait Islander peoples or the person's specific cultural group, is often preferred, though the terms First Nations of Australia, First Peoples of Australia and First Australians are also increasingly common; 812,728 people self-identified as being of Aboriginal and/or Torres Strait Islander origin in the 2021 Australian Census, representing 3.2% of the total population of Australia. Of these Indigenous Australians, 91.4% identified as Aboriginal; 4.2% identified as Torres Strait Islander; while 4.4% identified with both groups. Since 1995, the Australian Aboriginal flag and the Torres Strait Islander flag have been official flags of Australia.

The province of British Columbia allows the Insurance Corporation of British Columbia to withhold issuance or renewal of driver's license to those with delinquent student loan repayments or child support payments or unpaid court fines.^[3] Students need to meet the qualification with an individual's direct educational costs and living expense to get the certificate to obtain a loan and this policy is directly controlled by the government.^[4]

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Student financial aid in Canada

Student financial aid in Canada

Government sponsored Student Loans in Canada was designed to help post-secondary students pay for their education in Canada. The federal government funds the Canada Student Loan Program (CSLP) and the provinces may fund their own programs or be integrated with the CSLP. In addition, Canadian banks offer commercial loans targeted for students in professional programs.

British Columbia

British Columbia

British Columbia, commonly abbreviated as BC, is the westernmost province of Canada, situated between the Pacific Ocean and the Rocky Mountains. It has a diverse geography, with rugged landscapes that include rocky coastlines, sandy beaches, forests, lakes, mountains, inland deserts and grassy plains, and borders the province of Alberta to the east, the territories of Yukon and Northwest Territories to the north, and the US states of Washington, Idaho and Montana to the south and Alaska to the northwest. With an estimated population of 5.3 million as of 2022, it is Canada's third-most populous province. The capital of British Columbia is Victoria and its largest city is Vancouver. Vancouver is the third-largest metropolitan area in Canada; the 2021 census recorded 2.6 million people in Metro Vancouver.

Insurance Corporation of British Columbia

Insurance Corporation of British Columbia

The Insurance Corporation of British Columbia (ICBC) is a provincial Crown corporation in British Columbia providing insurance. ICBC was created in 1973 by the NDP government of Premier Dave Barrett.

New Zealand provides student loans and allowances to tertiary students who satisfy the funding criteria. Full-time students can claim loans for both fees and living costs while part-time students can only claim training institution fees. While the borrower is a resident of New Zealand, no interest is charged on the loan. Loans are repaid when the borrower starts working and has income above the minimum threshold, once this occurs employers will deduct the student loan repayments from the salary at a fixed 12c in the dollar rate and these are collected by the New Zealand tax authority.

The public sector is one of the most important sections in Thailand's higher education system. In addition, many public educational organizations usually receive profits from the students' tuition fees and the governments. Specifically, There are six various sections in the public sector's organization: colleges with the limited enrollment，universities which is opening to public, universities which is national autonomous, Rajabhat colleges, Ajamangala Universities of Technology, and polytechnic colleges.^[5]

The Indian government has launched a portal, Vidya Lakshmi, for students seeking educational loans and five banks including SBI, IDBI Bank and Bank of India have integrated their system with the portal. Vidya Lakshmi was launched on the occasion of Independence Day i.e. 15 August 2015 for the benefit of students seeking educational loans.^[6] Vidya Lakshmi was developed under three departments of India i.e. Department of Financial Services, Department of Higher Education and Indian Banks Association (IBA).^[7] Vidya Lakshmi Portal has been developed under the Pradhan Mantri Vidya Lakshmi Karyakram and announced by the finance minister Shri Arun Jaitley in the budget speech of FY 2015–16. As of August 15, 2020, 37 banks were registered on the Vidya Lakshmi Portal and offered 137 loan schemes ^[8]

To bridge the constraint of increasing institutional fees, NSDL e-Governance in India launched the Vidyasaarathi portal to help students seeking scholarship for studies in India or overseas.^[9][10]

The education loan is expected to grow at a rate of 32.3 percent in 2009-10, 39.8 percent each in 2010-11and 2011-12, and 44.8 percent during the period 2012–13 to 2014–15.^[11]

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State Bank of India

State Bank of India

State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the Fortune Global 500 list of the world's biggest corporations of 2020, being the only Indian bank on the list. It is a public sector bank and the largest bank in India with a 23% market share by assets and a 25% share of the total loan and deposits market. It is also the fifth largest employer in India with nearly 250,000 employees. On 14 September 2022, State Bank of India became the third lender and seventh Indian company to cross the ₹ 5-trillion market capitalisation on the Indian stock exchanges for the first time.

IDBI Bank

IDBI Bank

The IDBI Bank Limited is a development finance institution under the ownership of Life Insurance Corporation of India and Government of India. It was established in 1964 as Industrial Development Bank of India, a development finance institution, which provided financial services to industrial sector. In 2005, the institution was merged with its commercial division, IDBI Bank, forming the present-day banking entity and was categorised as "other development finance institution" category. Later in March 2019, Government of India asked Life Insurance Corporation to infuse capital in the bank due to high NPA and capital adequacy issues and also asked LIC to manage the bank to meet the regulatory norms. IDBI was put under Prompt corrective action of the RBI and on 10th March 2021 IDBI came out of the PCA. At present direct and indirect shareholding of Government of India in IDBI Bank is approximately 95%, which Government of India (GoI) vide its communication F.No. 8/2/2019-BO-II dated December 17, 2019, has clarified and directed all Central/State Government departments to consider IDBI Bank for allocation of Government Business. Many national institutes find their roots in IDBI like SIDBI, EXIM, National Stock Exchange of India, SEBI, National Securities Depository Limited.

Bank of India

Bank of India

Bank of India (BOI) is an Indian public sector bank headquartered in Bandra Kurla Complex, Mumbai. Founded in 1906, it has been government-owned since nationalisation in 1969. BoI is a founder member of SWIFT, which facilitates provision of cost-effective financial processing and communication services.

South Korea's student loans are managed by the Korea Student Aid Foundation (KOSAF) which was established in May 2009. According to the governmental philosophy that Korea's future depends on talent development and no student should quit studying due to financial reasons, they help students grow into talents that serve the nation and society as members of Korea.^[12] Normally, in South Korea, the default rate of redemption is related to each student's academic personalities. For instance, comparing with other majors, students in fine arts and physics are supposed to possessing a higher default rate. Therefore, students in such majors would be inclined to a higher rate of unemployment and a higher risk of default in redemption. Also, people will tend to have an inferior quality of human capital if the period of unemployment is too long.^[13]

Student loans in the United Kingdom are primarily provided by the state-owned Student Loans Company. Interest begins to accumulate on each loan payment as soon as the student receives it, but repayment is not required until the start of the next tax year after the student completes (or abandons) their education.^[14]

Since 1998, repayments have been collected by HMRC via the tax system, and are calculated based on the borrower's current level of income. If the borrower's income is below a certain threshold (£15,000 per tax year for 2011/2012, £21,000 per tax year for 2012/2013), no repayments are required, though interest continues to accumulate.

Loans are canceled if the borrower dies or becomes permanently unable to work. Depending on when the loan was taken out and which part of the UK the borrower is from, they may also be canceled after a certain period of time usually after 30 years, or when the borrower reaches a certain age.

Student loans taken out between 1990 and 1998, in the introductory phase of the UK government's phasing in of student loans, were not subsequently collected through the tax system in the following years. The onus was (and still is) on the loan holder to prove their income falls below an annually calculated threshold set by the government if they wish to defer payment of their loan. A portfolio of early student loans from the 1990s was sold, by The Department for Business, Innovation and Skills in 2013. Erudio, a company financially backed by CarVal and Arrow Global was established to process applications for deferment and to manage accounts, following its successful purchasing bid of the loan portfolio in 2013.

There are complaints that graduates who have fully repaid their loans are still having £300 a month taken from their accounts and cannot get this stopped.^[15]

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Student loans and grants in the United Kingdom

Student loans and grants in the United Kingdom

Student loans and grants in the United Kingdom are primarily provided by the government through the Student Loans Company (SLC), an executive non-departmental public body. The SLC is responsible for Student Finance England and Student Finance Wales, and is a delivery partner of Student Finance NI and the Student Awards Agency for Scotland. Most undergraduate university students resident in the United Kingdom are eligible for student loans, and some students on teacher training courses may also apply for loans. Student loans also became available from the 2016/17 academic year to postgraduate students who study a taught Masters, research or Doctoral course.

United Kingdom

United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is 242,495 square kilometres (93,628 sq mi), with an estimated 2023 population of over 68 million people.

Student Loans Company

Student Loans Company

The Student Loans Company (SLC) is an executive non-departmental public body company in the United Kingdom that provides student loans. It is owned by the UK Government's Department for Education (85%), the Scottish Government (5%), the Welsh Government (5%) and the Northern Ireland Executive (5%). The SLC is funded entirely by the UK government and the devolved administrations. It is responsible for both providing loans to students, and collecting loan repayments alongside HM Revenue and Customs (HMRC). The SLC's head office is in Glasgow, with other offices in Darlington and Llandudno.

Erudio Student Loans

Erudio Student Loans

Erudio Student Loans is a consortium formed by debt collectors Arrow Global and private equity firm CarVal Investors in 2013.

In the United States, there are two types of student loans: federal loans sponsored by the federal government and private student loans, which broadly includes state-affiliated nonprofits and institutional loans provided by schools.^[16] The overwhelming majority of student loans are federal loans. Federal loans can be "subsidized" or "unsubsidized." Interest does not accrue on subsidized loans while the students are in school. Student loans may be offered as part of a total financial aid package that may also include grants, scholarships, and/or work study opportunities. Whereas interest for most business investments is tax deductible, Student loan interest is generally not deductible. Critics contend that tax disadvantages to investments in education contribute to a shortage of educated labor, inefficiency, and slower economic growth.

Prior to 2010, federal loans were also divided into direct loans (which are originated and funded by the federal government) and guaranteed loans, originated and held by private lenders but guaranteed by the government. The guaranteed lending program was eliminated in 2010 because of a widespread perception that the government guarantees boosted student lending companies' profits but did not benefit students by reducing student loan costs.^[17]

Federal student loans are less expensive than private student loans. The federal government offers direct consolidation loans through the Federal Direct Loan Program. The new interest rate is the weighted average of the previous loans. Private loans don't qualify for this program. The interest rate of borrowers with federal student loans is nearly equal to the weighted average rate on the former loans while the new interest rate of private loans depends on the one-month London interbank offered rate. Therefore, these two student loans are different in both application and definition.^[18] Losses on student loans are extremely low, even when students default, in part because these loans cannot be discharged in bankruptcy unless repaying the loan would create an "undue hardship" for the student borrower and his or her dependents.^[19] In 2005, the bankruptcy laws were changed so that private educational loans also could not be readily discharged. Supporters of this change claimed that it would reduce student loan interest rates; critics said it would increase the lenders' profit.

Students can apply for loans to Stafford Loans with no risks; and there are around 1000 banks engaged in the student loan project. Students can also apply for student loans with the Department of Education which enables any school to take part in its Direct Loan project.^[20]

Rising student debt

Federal aid policies expanded loan eligibility and shifted from grants to loans^[21] starting the rising student debt. The Federal Pell Grant, a form of federal aid for higher education students that does not need to be re-paid, only provides a maximum annual grant of $6,195 per student for the 2019-2020 award year.^[22] With the average annual tuition cost for a four year in-state public university averaging $26,590 for the 2019–2020 academic year,^[23] many students are forced to take out student loans to bridge the gap between grants and their annual tuition costs. More students over the years have been actively enrolled in universities, with enrollment in for-profit universities growing by over 5 million in the past 10 years. For-profit universities enroll only 10% of the nations active college enrollment, yet hold nearly 20% of all federal student loan.^[21] States have also deprived public support and shifted the financial burden onto students by increasing the cost of tuition.^[24] With the median family income on a steady decline each year since 2007 up until 2012, it saw increasing difficulty for students to pay back college tuition out of savings and labor income.^[25] Between 2002 and 2012, public spending on education dropped 30%, while total enrollment at public colleges and universities jumped 34%.^[26] Ninety-two percent of student debt is loaned directly by the federal government.^[27] In 2020, the amount of student loan debt had reached $1.6 trillion.^[27]

Income-based repayment

The Income-based repayment (IBR) plan is an alternative to paying back federal student loans, which allows the borrowers to pay back loans based on how much they make, and not based how much money is actually owed.^[28] Income-based repayment is a federal program and is not available for private loans.^[29]

IBR plans generally cap loan payments at 10 percent of the student borrower's income. Deferred interest accrues, and the balance owed grows. However, after a certain number of years, the balance of the loan is forgiven. This period is 10 years if the student borrower works in the public sector (government or a nonprofit) and 25 years if the student works at a for-profit. Debt forgiveness may be treated as taxable income, but can be excluded as taxable under certain circumstances, like bankruptcy and insolvency.^[30][31] Loans forgiven through the Public Service Loan Forgiveness program are not considered taxable income.^[32]

Qualification

Most college students in the United States qualify for federal student loans.^[33] Students can borrow the same amount of money, at the same price, regardless of their own income or their parents' incomes, regardless of their expected future income, and regardless of their credit history. Only students who have defaulted on federal student loans or have been convicted of drug offenses, and have not completed a rehabilitation program, are excluded. Borrowers from families with low income with separation are more likely to default than those from higher-income families. Also, borrowers entering repayment after their sophomore year are more likely to default.^[34]

This is the image of the Percentage of Federal Student Loans in Default within age groups, Fiscal Year 2013. This chart shows that in 2013, around 17 percent of parent plus loans were in default from ages 65 to 74, and 30 percent of their own education loans were in default.

The amount students can borrow each year depends on their education level (undergraduate or graduate), and their status as dependent or independent. Undergraduates are eligible for subsidized loans, with no interest while the student is in school. Graduate students can borrow more per year.^[17]

Private lenders use different underwriting criteria, including credit rating, income level, parents' income level, and other financial considerations. Students only borrow from private lenders when they exhaust the maximum borrowing limits under federal loans. Several scholars have advocated eliminating the borrowing limit on federal loans and enabling students to borrow according to their needs (tuition plus living expenses) and thereby eliminating high-cost private loans.^[17]

Repayment

Federal student loan interest rates are established by Congress and listed in § 20 U.S.C. § 1087E(b). Because the interest rates are established by Congress, interest rates are a political decision. In 2010, the federal student loan program ran a multibillion-dollar "negative subsidy", or profit, for the federal government. Loans to graduate and professional students are especially profitable because of high-interest rates and low default rates.^[35] Usually, the net flow of the default rate on student loans are strongly related to the nontraditional issuer and the flowing price of the tangible assets, unlike buildings or land. However, in contrast to the positive correlation with the borrower, a change in the price normally leads to a negative influence on the default rate. These two aspects have been used to explain the Great Recession of student loan default, which had grown to nearly thirty percent.^[36]

Some experts believe that the education of workers would bring societal benefits such as reducing stress on public services, reducing medical expenses, increasing incomes, and promoting employment rates. These people propose that federal student loan rates should be adjusted with specific courses, relative to the rate of risk and societal returns from various studies.^[37][38]

Traditionally, repayment starts six months after graduation or leaving school.

It is important to note that financial relief can provide a safety net for those under intense pressure to repay, leading many towards gaining income and avoiding defaulting.^[39]

With federal student loans, the student may have multiple options for extending the repayment period. An extension of the loan term will reduce the monthly payment and increase the amount of total interest paid on the principal balance during the life of the loan (the unpaid interest and any penalties become capitalized, i.e. added to the loan balance). Extension options include extended payment periods offered by the original lender and federal loan consolidation. There are also other extension options including income-based repayment plans and hardship deferments.

The Master Promissory Note is an agreement between the lender and the borrower that promises to repay the loan. It is a binding legal contract.

Criticism

Occupy Boston activist Nelson Terry at the Occupy Wall Street event in New York City protesting student loan debt, September 19, 2011

In coverage through established media outlets, many borrowers have expressed feelings of victimization by the student loan corporations.^[40][41][42] There is a comparison between these accounts and the college credit card trend in America during the 2000s, though the amounts owed by students on their student loans are almost always higher than the amount owed on credit cards.^[43] Student loans cannot be discharged in a bankruptcy proceeding unless the debtor can demonstrate "undue hardship."^[44] After the passage of the bankruptcy reform bill of 2005, even private student loans are not discharged during bankruptcy. This provided a credit risk free loan for the lender, averaging 7 percent a year.^[45]

In 2007, Andrew Cuomo, then Attorney General of New York State, led an investigation into lending practices and anti-competitive relationships between student lenders and universities. Specifically, many universities steered student borrowers to "preferred lenders" which resulted in those borrowers incurring higher interest rates. Some of these "preferred lenders" allegedly rewarded university financial aid staff with "kickbacks". This has led to changes in lending policy at many major American universities. Many universities have also rebated millions of dollars in fees back to affected borrowers.^[46][47]

In 2007, a false claims lawsuit was filed on behalf of the federal government by former Department of Education researcher Jon Oberg against Sallie Mae, Nelnet, and other lenders. Oberg argued that the lenders overcharged the U.S. government and defrauded taxpayers of millions and millions of dollars. In August 2010, Nelnet settled the lawsuit and paid $55 million.^[48]

Since 2005, Bankruptcy reform lead debtors have to take the responsibility of private student loan debt in bankruptcy which can decline debtors’ intention of reducing costly defaults to declare bankruptcy.^[49]

As of 2013, many economists are predicting a new economic crisis will emerge as a result of an estimated $1 trillion of student loan debt currently impacting two thirds of graduating college students in America.^[50] However, most economists and investors believe that there is no student loan bubble.^[51]

In his 2020 presidential campaign, Joe Biden promised student loan forgiveness.^[52] 64% of Americans back student loan forgiveness of $10,000 for individuals earning up to $150,000 annually, and that support decreases to 25% when the respondents were told that the student loan forgiveness means that colleges will raise their prices.^[53]

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Student financial aid in the United States

Student financial aid in the United States

Student financial aid in the United States is funding that is available exclusively to students attending a post-secondary educational institution in the United States. This funding is used to assist in covering the many costs incurred in the pursuit of post-secondary education. Financial aid is available from federal and state governments, educational institutions, and private organizations. It can be awarded in the form of grants, loans, work-study, and scholarships. In order to apply for federal financial aid, students must first complete the Free Application for Federal Student Aid (FAFSA).

Government-sponsored enterprise

Government-sponsored enterprise

A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress. Their intended function is to enhance the flow of credit to targeted sectors of the economy, to make those segments of the capital market more efficient and transparent, and to reduce the risk to investors and other suppliers of capital. The desired effect of the GSEs is to enhance the availability and reduce the cost of credit to the targeted borrowing sectors primarily by reducing the risk of capital losses to investors: agriculture, home finance and education. Well known GSEs are the Federal National Mortgage Association, known as Fannie Mae, and the Federal Home Loan Mortgage Corporation, or Freddie Mac.

State government

State government

A state government is the government that controls a subdivision of a country in a federal form of government, which shares political power with the federal or national government. A state government may have some level of political autonomy, or be subject to the direct control of the federal government. This relationship may be defined by a constitution.

Income-based repayment

Income-based repayment

Income-based repayment or income-driven-repayment (IDR) is a student loan repayment program in the United States that regulates the amount that one needs to pay each month based on one's current income and family size.

Credit history

Credit history

A credit history is a record of a borrower's responsible repayment of debts. A credit report is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments. A borrower's credit score is the result of a mathematical algorithm applied to a credit report and other sources of information to predict future delinquency.

Capital expenditure

Capital expenditure

Capital expenditure or capital expense is the money an organization or corporate entity spends to buy, maintain, or improve its fixed assets, such as buildings, vehicles, equipment, or land. It is considered a capital expenditure when the asset is newly purchased or when money is used towards extending the useful life of an existing asset, such as repairing the roof.

Federal student loan consolidation

Federal student loan consolidation

In the United States, the Federal Direct Student Loan Program (FDLP) includes consolidation loans that allow students to consolidate Stafford Loans, PLUS Loans, and Federal Perkins Loans into one single debt. This results in reduced monthly repayments and a longer term for the loan. Unlike the other loans, consolidation loans have a fixed interest rate for the life of the loan.

Occupy Boston

Occupy Boston

Occupy Boston was a collective of protesters that settled on September 30, 2011 in Boston, Massachusetts, on Dewey Square in the Financial District opposite the Federal Reserve Bank of Boston. It is related to the Occupy Wall Street movement that began in New York City on September 17, 2011.

Occupy Wall Street

Occupy Wall Street

Occupy Wall Street (OWS) was a 59-day left-wing populist movement against economic inequality and the influence of money in politics that had begun in Zuccotti Park, located in New York City's Wall Street financial district, and lasted from September 17–November 15, 2011. The protests gave rise to the wider Occupy movement in the United States and other Western countries.

New York City

New York City

New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over 300.46 square miles (778.2 km2), New York City is the most densely populated major city in the United States and more than twice as populous as Los Angeles, the nation's second-largest city. New York City is located at the southern tip of New York State. It constitutes the geographical and demographic center of both the Northeast megalopolis and the New York metropolitan area, the largest metropolitan area in the U.S. by both population and urban area. With over 20.1 million people in its metropolitan statistical area and 23.5 million in its combined statistical area as of 2020, New York is one of the world's most populous megacities, and over 58 million people live within 250 mi (400 km) of the city. New York City is a global cultural, financial, entertainment, and media center with a significant influence on commerce, health care and life sciences, research, technology, education, politics, tourism, dining, art, fashion, and sports. Home to the headquarters of the United Nations, New York is an important center for international diplomacy, and is sometimes described as the capital of the world.

Andrew Cuomo

Andrew Cuomo

Andrew Mark Cuomo is an American lawyer and politician who served as the 56th governor of New York from 2011 to 2021. A member of the Democratic Party, he was elected to the same position that his father, Mario Cuomo, held for three terms. In 2021, Cuomo resigned from office amidst numerous allegations of sexual misconduct and covering up COVID-19 deaths in nursing homes. At the time of his resignation, he was the longest-serving governor in the United States still in position.

Kickback (bribery)

Kickback (bribery)

A kickback is a form of negotiated bribery in which a commission is paid to the bribe-taker in exchange for services rendered. Generally speaking, the remuneration is negotiated ahead of time. The kickback varies from other kinds of bribes in that there is implied collusion between agents of the two parties, rather than one party extorting the bribe from the other. The purpose of the kickback is usually to encourage the other party to cooperate in the scheme.

The loan scheme for Hong Kong students was introduced in 1969. This scheme aimed to help full-time students at two universities: the Chinese University of Hong Kong and Hong Kong University. The program was extended in 1976 to cover full-time students in the Hong Kong Polytechnic, and further extended in 1982 to cover post-advanced level students in the Hong Kong Baptist College. In 1984 loans were expanded to include students in the new city Polytechnic. The scheme is controlled by the secretary of the university and Polytechnic Grants Committee, which is advised by the Joint Committee On Student Finance. The applicant of the loan scheme must have resided or been domiciled in Hong Kong for three years immediately prior to application.^[54] In 1990, a new government office, the Student Financial Assistance Agency, was also established to coordinate the administration of the student loan scheme.^[55]