The loans might not be in technical default, but they are functionally already in default. They’re never getting paid off. The taxpayer has already absorbed the

The loans might not be in technical default, but they are functionally already in default. They’re never getting paid off. The taxpayer has already absorbed them. We’re moving numbers around a spreadsheet. Anyway the largest employer in many states is the university system. It’s taxes that flow through loans back to taxpayers.