Salerno correctly observes “Higher education isn’t the only market where consumers typically buy things by going into debt. Millions of people finance new and used cars every year at levels similar to what typical undergraduates borrow, and most homebuyers end up with six-figure mortgages…One reason lenders don’t need to offer such programs is that there’s a car or a house that can be reclaimed when non-payment occurs. The other is that insurance markets help lenders cover the risk of nonpayment, like private mortgage insurance, or to deal with cases where assets lose value before the loan’s paid off, like buying full-coverage insurance on financed cars.”