5 less than under the previous majority 852 billionAnd this applies on the social plan as financiallyIt is true that those were rather well servedThis decision therefore opens the way to important arbitrary situationsThis does not prevent them from be admirers of Pina BauschDeutsche Bank had worried the markets with 2its promises Costumes of course are magnificentThe Gong Li muse left his clothes of peasantYoung people are not attracted to the areaI am different and I would like to remainWhat to do for students Ségolène Royal opts for an allocation autonomy under condition of resources with a contract to facilitate studies and active entry into life. Nicolas Sarkozy offers youth a stipend of 300 euros per month and the establishment of a zero rate loan guaranteed by the State to fund a personal project that would be reimbursed to the obtaining of the first job.
Really need specific measures for young people Not believe some experts for their access to work within reforms of a large scale for the entire active population (Scandinavian or Austrian examples should inspire the candidates). Yes, replicate other, because young people have no capital to start in life, in contrast to their elders. Give more scholarships for poor students under condition of success in the examinations may appear desirable, but will meet to the budgetary scarcity. There is another alternative: recognize that if students are without income, they have a substantial unused capital consisting of the sum of wages future their "human capital". In a world without credit constraints, students using clearing their credit on their human capital. The outstanding amount of student loans is very low: 1.5 billion euros in France, against $ 230 billion in the United States!
It is a pity. In addition to the extra money, these loans provide incentives for students to better reflect the economic performance of their studies and to their future wages. It is not here to force them all to management or marketing studies (there are very good departments of classical Greek at Princeton, cinema at Stanford or Harvard-Mongolian language, although limited membership), but to encourage students to not funnel in studies on opportunities for low and uncertain, as is too often the case in France (see)(for example, the plethora of students in psychology). Finally, these loans are socially fair: the benefits of higher education returning first to students, it is fair that the funding is based on their future income rather than on the tax.
But then why barely 1.5 billion euros in France First, it is technically impossible to its human capital as security for the loan from a bank the difference in real estate loans. Bankers do therefore lend only to a few students who have already proven their academic excellence. Then, the France refused the selection into undergraduate. Banks could not appreciate the risks, they refrain simply to undergraduate students, which creates a barrier for the poor.
That do Let's take a look to the United States. First, the State intervenes to ensure student loans (to a maximum of $ 3,000 per year of study in undergraduate and 6,000 beyond) via Sallie Mae. This federal agency guarantees these loans and allows students nothing pay throughout the studies, unemployment or accident, and pay on the first ten to fifteen years of work, with low rates (0.9 over the borrowing of State). Thus, many more students popular classes access the University in the United States in France. Second, the "student loans" are very restrictive: to repay is almost also required to pay his taxes (as confirmed by the Supreme Court in 2005). This eliminates the lack of security and allows Sallie Mae to have only 1 of default and maintain low interest rates.
Need a Sallie Mae French A more simple and less expensive solution exists. The Treasury would broadcast in the direction of the lenders of the credit derivatives (credit default swaps") on baskets of student loans in the amount of 3.000 euros per year per student (with a grant if the public authorities the wish). Large student loans will be then distributed by the Bank or via the Internet, and reimbursed networks according to the terms and conditions U.S.. It is easy, quick to implement and very little expensive for the Treasury, if it strengthens la seniority of these debts (in the United States, only 1 of loans is not refunded in fine). Students could mobilize 10,000 euros in first cycle and 20,000 euros beyond. It objected that this is an additional debt. But if this is for better training on wages, it is amply justified. Note that this system is without prejudice to the debate on the registration fee.
At this yardstick, how find programs of the candidates Ségolène Royal promises more awards, but how Fund His idea of contract is nice, but it would provide few jobs for young people without a prior reform of the labour market. And the impasse on student loans. François Bayrou proposed only "grants suitable that change the lives of many students", who would suffer the same fate as the allocation of Ségolène Royal. Idem for allocations of Nicolas Sarkozy. However, his idea of zero rate loan guaranteed by the State and repayable at the first job is very close to the "student loans" Americans. With a market mechanism, without budgetary subsidies, it is a good way to encourage young people.
