Bringing finance inside the state: How income-contingent loans blur the boundaries between debt and tax

Income-contingent loans are increasingly used by governments around the world to finance the costs of higher education. We use the case of income-contingent loans to explore how states are bringing the architecture of financial markets inside the state, disrupting conventional understandings of marketisation that are linked to concepts of commodification. We argue that income-contingent loans are hybrid policy instruments that combine elements...