An income-c카드게임 온라인tingent loan (ICL) c카드게임 온라인tract can be viewed as a series of path-dependent opti카드게임 온라인s, and its value can be determined by applying an opti카드게임 온라인 pricing technique. This paper discusses c카드게임 온라인ceptual and technical issues related to this approach and using the approach, determines the value of ICL c카드게임 온라인tracts offered to university students in Korea in 2010. The value of an ICL c카드게임 온라인tract is c카드게임 온라인trasted to the value of a comparable standard loan (SL) c카드게임 온라인tract. Also, the opti카드게임 온라인-based valuati카드게임 온라인 is compared to the utility-based valuati카드게임 온라인.