The idiot in the story is the one who backstops the lender. The lender earns fees and then bundles and sells the loans, but someone backstops him.
WNY: Most of these loans are back by the federal government which means you and I are backstopping these loans.
King Barack I decreed that the government would take over the student loan program so the bankers wouldn’t make the money. When has the government ever done anything better than the private sector? This program is a testimony to its incompetence. Watch for Ocasio and Beto to run on forgiving all student debt, thus buying votes with taxpayer money, which is a winning strategy for Democrat politicians.
You'll need to get a mirror to see THAT idiot. Who do you think guarantees Guaranteed Student Loans?