学生贷款资产证券化设计研究—基于工资比例还款模式 The Research of Design for Asset Securitization of Student Loan—Based on Income Contingent Loan

工资比例还款模式学生贷款是指按照自身工资的一定比例偿还学生贷款的本息的一种学生贷款。其还款现金流的特殊性一方面保障了较高的还款率，另一方面也需要适合的融资模式才能保证正常运行。资产证券化作为一种灵活、低成本的融资模式较为适用。本文主要内容是设计一款针对工资比例还款模式学生贷款的资产支持证券，一方面有利于贷款的发放机构获得流动性，另一方面也为我国资产证券化市场增添新的活力。 The income contingent loan is a kind of student loans that students repay the loans with a certain percentage of the salaries. The special cash flows of the income contingent loan result in higher repayment rate of the loans, and require the suitable financing models in order to ensure the sustainable operation of the loans. As a flexible, low-cost financing model, asset securitization is applicable. This paper attempts to design the asset securitization of the income contingent loan. On the one hand, it is conducive for the lending institutions to obtain liquidity. On the other hand, it can re-energize the asset securitization market.