I’m just telling it like it is. The old ways were terrible! However, being local and requiring proper collateral instead of just giving n people money en mass—knowing that the percentage that default will be outweighed by the percentage that pay the loan back (and ripping people off by making them pay the interest up front)—was probably better for the economy.

Not everyone should be allowed to amass debt the way we currently allow it. Furthermore, if people couldn’t get loans for school so easily (in fact, guaranteed!) then college tuition would be but a fraction of what it is today.