These income-contingent financing instruments have theoretically distinctive features to reach different social and economic outcomes, but only ICLs with risk sharing have been implemented in practice. Most notable examples that have successfully implemented ICLs are Australia, which instituted the world’s first broadly based income-contingent charging system for higher education in 1989, New Zealand, and the United Kingdom.* While the Australian and UK systems cover only tuition fees, the New Zealand system is designed to cover both tuition fees and living expenses.