Abstract
This study presents an innovative and sustainable system for mobilizing Turkish university alumni to contribute to a crowdfunded pool repackaged as a student debt instrument with an elaborate performance tracking tool, various payoff structures and income-contingent repayment schedules. The ultimate aim is to offer a remedy for the conspicuous global shortage of alternative finance sources and various forms of aid to higher education students in the short-term, and, through enabling equitable and egalitarian access to quality higher education, transforming society and enhancing economic development in the longer-term. The model rests upon a six-dimensional framework and its infrastructure is facilitated by a newly emerged form of digitally enhanced financing, “crowdfunding”. The research method involves content analysis and data triangulation for validation purposes to determine the sub-themes surrounding the higher education problem in Turkey. The theme-driven keywords are searched for on Turkey’s first original social network, Eksi Sozluk, to uncover trends and biases towards student loans, debt repayment and associated concepts. Subsequently, the same keywords are utilized in a Google Trends search volume analysis, and are finally validated by a focus group discussion. The theoretical framework to explain students’ attitudes towards borrowing and loan repayment and the motivation behind alumni and charitable giving, rests mainly on behavioral economics. The A-CDSF Model uniquely addresses the higher education finance problem in Turkey and offers an easily implementable original solution for institutions and policy makers.
Highlights
This study revolves around several critical themes associated with higher education financing, a global phenomenon for policy makers, institutions of higher education, students and households, as well as student loan providers
In the United States, student debt surpassed USD 1.1 trillion in 2014 (Mezza & Sommer, 2015), while default rates among student loan borrowers rose to their highest levels in twenty years (Looney & Yannelis, 2015)
The background of this study is related to observations, facts and literature review associated with three broad areas: (1) higher education in Turkey, (2) the student loan market and repayment issues, and (3) alumni and voluntary giving
Summary
This study revolves around several critical themes associated with higher education financing, a global phenomenon for policy makers, institutions of higher education, students and households, as well as student loan providers. It is a critical issue that diffuses to all levels of society In this regard, the significance of the A-CSDF Model, if successfully implemented and backed by regulatory policies, is that it has the potential to be a remedy for (1) the tightening credit crisis by offering alternative sources of funding for students and (2) the rising student debt default rates through structuring meaningful income-contingent repayment plans and financially educating and motivating the borrowing student to pay back when the time comes. This paper aims at outlining the higher education finance problem in Turkey, presenting a sustainable system that addresses all relevant aspects to the problem through the introduction of the A-CSDF Model Following this introduction, the author, presents the background of the central theme through an interdisciplinary literature review and secondary analysis, and develops the research questions tying them to the theoretical framework.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
