The Humane Letters profs and administrators gained a whole lot of money just by inserting the letter “R” in the word
“undeserved”; thus “qualifying” applicants to sign for loans that cannot and will not be repaid.
yes. when i was a student we did have student loans. but you were sent to a local bank to interview for them. you got them, the banks were very good about issuing the loans because they looked forward to the students becoming good banking customers when they graduated and started earning their own way. Indeed, that happened a LOT. We were grateful to the bank for entrusting us with funds when we couldn’t repay or genuinely qualify to borrow them. A lot of gratitude made for good banking business...
Oh yeah, I am sure there were some lending losses (especially on loans to art and history and poli sci and sociology students). But most of those collection difficulties were NOT because the debtors were crooked and didn’t want to repay. It was just that certain college majors didn’t — and still don’t— qualify anyone for gainful employment.