[imardmd1]

At first, about 1960-61, the basis of the loans was a standart bank loan in which the government paid only the interest of the (succesive) loan(s) while the student was attending regular classes, an agreement lasting only after the student graduated or left school for other reasons.

Subsequrntly, the agreed monthly payments on the principal and the interest due. Note that it was an unsecured loan, not even backed by insurance as would other normal unsecured loans.

The real problem was when both banks and colleges became very lax in their confidence that the student was qualified to be admitted , educatioally prepared for it; and that the graduate would be employable and committed to his/her word. No co-signers!

The result? The unsecured loan cannot be trusted.

I paid mine back, in full.

[faithhopecharity]

Hi

Yes, i repaid my student loans too.
Back then, people just did that.
(Barring disability or whatnot) folks honored their word. It wasn’t anything extra- special.