A year of college education can cost as little as an automatic dishwasher or as much as a sports car. But though both dishwashers and sports cars can be bought on credit, loans have long been hard to get on so undispossessable a thing as an education. In 1960 a group of businessmen and educators, chiefly in Indiana and California, founded the United Student Aid Funds Inc. in an effort to make student loans easier to get and pay off.
USAF's idea was to create a reserve fund with which to guarantee student loans otherwise unbacked by collateral.
"Banks are willing...
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