Before federal student loans, corporations and the universities themselves would lend the money. They very often wouldn’t do so until the second year, when the

Before federal student loans, corporations and the universities themselves would lend the money. They very often wouldn’t do so until the second year, when the student had demonstrated that they were capable. Something like that could happen again, even with federal dollars - universities would make the first year cheap, and based upon high school transcripts + SAT / ACT + first year grades, then make a real loan.