It would be simpler to track loan repayment delinquencies. If a physics PhD is a pipeline to a well paying quant fund job, from a loan/career perspective that's

It would be simpler to track loan repayment delinquencies. If a physics PhD is a pipeline to a well paying quant fund job, from a loan/career perspective that's probably a win. If the loans aren't getting paid, even if somebody does find work in their field, that's probably poor value.