The Greening of America notwithstanding, Consciousness Three's grip on campus leaves something to be desired. At least that is the feeling of many frustrated bank-loan officers. The default rates among student recipients of federally insured education loans are commonly running at 4% to 6%, van average of less than 1% for ordinary auto, home-improvement and other consumer loans. The student delinquency problem is especially severe in California. The Bank of America reports that some 15% of its federally insured student loans go sour.
The news is a discouraging omen for colleges and the Nixon Administration, which are eager to expand student loans...
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