The Research On Changes Of The National Student Loan System From The Perspective Of The New Institutional Economics

China's National Student Loan System, the inevitable product of reforms and developments of China's higher education system, is regarded as one of the major means to solve the educational fairness and reflect the superiority of the socialist system. And therefore should be taken as a beneficial project for Chinese people. However there have been a great number of difficulties and problems in terms of the process of the implementation of the system. Therefore what is lying before us is how to improve the existing System and better reflect education fairness. Based on new economic theory, my paper develops the research work with a mixture use of historical analysis, document review and comparative methods. The whole body is divided into five parts.Part I: Introduction. The paper mainly presents the purpose of this topic, significance of research, studying methods and ideas and summarizes the existing achievements in this field both at home and abroad.Part II: The paper describes the trajectory of China's National Student Loan System from a historical perspective and analyzes the characteristics of each stage.Part III: The paper proposes the theoretical framework-- Institutional Change Theory of New Institutional Economics. And it tries to put National Student Loan System into the basic theoretical framework of the New Institutional Economics: the motives, the subject and the basic model for institutional change; the transaction costs of the institutional change and path dependency theory.Part IV: The paper points out some problems in the National Student Loan System: the inconsistency and the contradiction between the policy position and the commercial operation; effective increasing returning mechanism unable to be built; the constraint for the loaning subject being too soft and resulting in a serious credit crisis; defects of risk compensation mechanism. Part V: The paper proposes its policy recommendations in order to improve the National Student Loan System: establishing an agency and specialized policy banks of the System; adopting the successful experiences from abroad; extending the loan period; enriching the means of giving back loans and improving the personal Credit System.Its conclusions include the following: National Student Loan System has been going through a gradual evolutionary process with the policy from tight to loose and the scale from small to large. While on the whole, the system has made great remarkable progresses. But as for the frequency of issuing and revocation, we have to admit the inadequate supply and the design deficiencies of the National Student Loan System. All of these factors have greatly hindered the smooth implementation of the system. Therefore it is urgent to improve and innovate the system and make its development feasible and sustainable.