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Originally Posted by Cynthetiq
But the idea here is that private banks are deciding based on University, not on creditworthiness, unless I'm totally reading this the wrong way.
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But like I said, the two industry leaders are really Sallie Mae and Nelnet, both of which repackage loans from other lenders, and then buy those loans down the line. So long as they're still lending to these institutions (and they are), this really isn't a big deal. Personally, I think it's better for students to have to really think about these things--taking out private loans to pay for education is serious business, and there isn't as much leeway in paying off private loans as there is with federal loans.