I think that the difficulty is future adverse selection. Four years after loan is made, we know whether or not the student graduated and got a good job. There i

I think that the difficulty is future adverse selection. Four years after loan is made, we know whether or not the student graduated and got a good job. There is now a student loan refi market, and the risk of someone who now has a degree and a job is much lower. Almost everyone who graduates and finds a job will refi. The loan therefore has to be priced for college dropouts, because those are the only people who won't refi.