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Citation - Scopus: 2
Tokenization and Nfts: a Tokenized Income Sharing Model for Higher Education as a Potential Solution for Student Debt in the Usa
(Springer Nature, 2023) Son Turan, Semen; Son-Turan, Semen
This study focuses on how to tokenize educational assets and discusses how tokenization and non-fungible tokens (NFTs) can be operationalized and adopted to the higher education landscape to provide funds for students during their higher education studies. To that end, it builds upon the income-contingent loans and higher education funding literature to propose a system that captures the value of the student’s potential future income streams as a token to be offered to higher education stakeholders willing to invest in a young person’s future, make an impact toward the Sustainable Development Goals, or simply, to diversify their portfolios and hedge against market downturns. The Future Income Token “FIT” is conceptually devised through a literature review and builds on previous findings by the author. This interdisciplinary study fits into the blockchain, crowdfunding, and higher education finance literature. Given the increasing difficulty of mobilizing funds for higher education and, the almost universal, growing student loan default problem, it asks the question: What aspects of higher education tokenomics may give higher education stakeholders the incentive to contribute to a student’s education, that other forms of financing do not? Policy makers, practitioners, as well as theoreticians can benefit from the ideas and the findings of the study. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.
Citation - WoS: 2
Citation - Scopus: 3
Reforming Higher Education Finance in Turkey: the Alumni-Crowdfunded Student Debt Fund "a-Csdf" Model
(TEDMEM, 2016-04-27) Son-Turan, Semen
This study presents an innovative and sustainable system formobilizing Turkish university alumni to contribute to acrowdfunded pool repackaged as a student debt instrument withan elaborate performance tracking tool, various payoff structuresand income-contingent repayment schedules. The ultimate aim isto offer a remedy for the conspicuous global shortage ofalternative finance sources and various forms of aid to highereducation students in the short-term, and, through enablingequitable and egalitarian access to quality higher education,transforming society and enhancing economic development in thelonger-term. The model rests upon a six-dimensional frameworkand its infrastructure is facilitated by a newly emerged form ofdigitally enhanced financing, “crowdfunding”. The researchmethod involves content analysis and data triangulation forvalidation purposes to determine the sub-themes surrounding thehigher education problem in Turkey. The theme-driven keywordsare searched for on Turkey’s first original social network, EksiSozluk, to uncover trends and biases towards student loans, debtrepayment and associated concepts. Subsequently, the samekeywords are utilized in a Google Trends search volume analysis,and are finally validated by a focus group discussion. Thetheoretical framework to explain students’ attitudes towardsborrowing and loan repayment and the motivation behind alumniand charitable giving, rests mainly on behavioral economics. TheA-CDSF Model uniquely addresses the higher education financeproblem in Turkey and offers an easily implementable originalsolution for institutions and policy makers.

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