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Welcome to the world of lending. Thats how its supposed to work.

> I.e. students who don't default must pay for those who do, plus an additional amount to due to uncertainty in future default rates.

The whole concept of interest on lending was to insure against defaulters, that is before bankers wanted their cut of the pie.

a similar line a reasoning led to the housing crisis, didn't it? Everyone should be able to get a mortgage!