Insurers like AIG could take into account borrowers' career prospects, encouraging them to pursue fields of study that are more likely to pay off financially, he said. Federal student loans aren't underwritten and are widely available to college students, though the amounts are limited for undergrads.
The climbing cost of college has helped swell total student debt to almost $1.2 trillion, with the federal government holding or backing more than $1 trillion of that amount, the U.S. Consumer Financial Protection Bureau said last year. More than 90 percent of all loans for the last academic year were government backed, according to the College Board.
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