[nobodyandproud]

Private lenders used to do this.

The Federal interest payments gave a stream of income to the lender.

But I thought in decades past someone used to assess the risk of someone not repaying, and limit the amount.

Or was it always a small amount no matter what? I remember not being able to afford even the state schools, even with the loans and meager scholarships.

This is in the early 1990s.