Policy Currents | The newsletter for policy people
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** Aug 24, 2023

Are Income Share Agreements a Viable Alternative to Student Loans?

An income share agreement, or ISA, is a student loan alternative offered by many postsecondary institutions. Under an ISA, students receive education funding in exchange for a share of their future income after the program or degree has been completed.

To learn more about this financing approach, RAND researchers conducted a national survey and studied more than 160 ISA-offering institutions, including two- and four-year colleges and workforce development and training programs. Here's a summary of their findings:
- Only 20 percent of U.S. adults had heard of ISAs, but 40 percent said they would consider using one.
- The information that learners need to make an informed decision about an ISA is often missing from publicly available documentation.
- Learners must evaluate ISA contract terms together to fully understand the repayment obligation. For example, a high income percentage often means a short repayment term.
- The impacts of ISAs (positive or negative) are likely to be concentrated among underserved groups, as these populations are disproportionately exposed to these financing options.

While this study does not determine whether ISAs are "net good" or "net bad," it does shed light on an emerging alternative to student loans that could help alleviate the increasing financial burden carried by students.

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India Is Pushing Back Against China

India is no longer losing its strategic competition with China in South Asia, says RAND's Derek Grossman. In fact, India may even be winning, as it gains influence with Afghanistan, maintains a strategic partnership with Bangladesh, and strengthens ties with other neighbors. There is no guarantee that things will stay this way, Grossman warns, which is why Washington should "bolster New Delhi's efforts to not only stay ahead of Beijing in South Asia, but further widen the gap."

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How to Plan Ethical Influence Operations

During their training, all U.S. military personnel learn about ethics associated with the use of force. But the personnel responsible for planning and executing influence operations do not receive training focused specifically on ethics. A new RAND report helps fill this gap, establishing criteria to help military practitioners determine whether a proposed influence operation is ethically permissible. For example, influence efforts should seek legitimate military outcomes, employ means that are not harmful, and have a high likelihood of success.

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** RAND Recommends
- In the New York Times, RAND's Dara Massicot commented on Russia's struggles in Ukraine. "Soldiers are not being relieved or regularly rotated on the front, suggesting there is still a manpower problem," she said.
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- What might help improve the connection between higher education and labor markets? RAND's Darleen Opfer was interviewed on The EdUp Experience Podcast.
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- RAND's Fabian Villalobos and Joshua Simulcik recently weighed in on the electrification of Army combat vehicles in The Hill.
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** Events
Introducing a Toolkit for Improving Instructional System Coherence
Thursday, August 31, 2023 (Online)
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Policy Lab: Building the U.S. Workforce Through Stackable Credentialsj
Thursday, September 28, 2023 (Online)
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** About RAND
The RAND Corporation is a nonprofit institution that helps improve policy and decisionmaking through research and analysis.

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