This is a private college with tuition less than your typical state university charges for in-state students.
No government loans allowed; they have their own group of private lenders lined up.
Graduates typically find work so quickly that the default rate on their loans is near 0. As a result, their lenders charge less for the loans.
To top it off, they have endowments on a per student basis which rivals most of the Ivy Leagues.
A few colleges and universities have or are close to adopting many aspects of the Hillsdale model including Liberty University in Lynchburg, Va., Grove City College in Grove City, Pa. and Brigham Young University (3 campuses).
North Dakota has a State Bank which makes all their state higher educational loans. Utah, Wyoming and Idaho have a joint venture which does the same with theirs. Tuition in all four states are affordable compared to the national average and default rates are likewise near zero.
The sole disadvantage of above models, as I can see, is that there is a very limited offering of Fluff Studies majors and, subsequently, no strong educrat unions.