> When student tuition-loan programs began expanding during the 1960s, they seemed a sensible solution to the problem of soaring education costs. The loans, backed by state and federal authorities but issued by private institutions at 7% interest, came due within a year after the student left school and were repayable within ten years. Now, to the dismay of financial authorities, the delinquency rate is soaring (as high as 9½% in the case of one major bank, compared with a standard adult rate of only 2%). The reasons most commonly cited: jobs are hard...
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