If the lending change in 1993 had a big effect, it should be visible in the graph of inflation the article provides, but it looks like things carried on as it d

If the lending change in 1993 had a big effect, it should be visible in the graph of inflation the article provides, but it looks like things carried on as it did before. It doesn't matter if the government guarantees loans, or lends the money directly. Either way, the government is making loans cheaper, and thus making it easier to pay for university.