The authors acknowledge gratefully support from a
research grant provided by the Dhurakij Pundit University/
Australian National University research agreement.
A previous version of this paper was presented at the
DPU/ANU Conference, Student Loans in South and East Asia,
Bangkok, July 15–16, 2008. The authors appreciate constructive
comments from an anonymous referee, Nicholas
Barr, Peter Drysdale, Medhi Krongkaew and Adrian Ziderman.
All errors are the responsibility of the authors.