Would you personally lend money to this person? If you found out that your bank was lending money to people in this condition, would you take your money out of the bank and put it somewhere safer?

She can probably find someone who will loan her money. But because her financial situation is terrible, she is going to have to pay a way high interest rate. That is fair, because this person is a very bad risk.

What she really needs to do is get a job, make enough to pay back the $2200 that she owes right now, and then finish school without any more loans. Maybe that means attending a local state school or taking only as many courses each term as she can pay for. But borrowing and borrowing and running up these huge debts is crazy! Didn’t anyone explain that these debts were going to have to be paid back? I feel very sorry for this person because she is seriously messed up financially and it is going to take years to straighten things out.

I am a very strong proponent of elite schools. People should go to the best school they can afford! But the key word is “afford!”