&quot;In short the loan system is transferring the benefits of the education away from the students and allowing the institutions to take it for themselves instead.&quot;<p>That is by far the most concise summary I&#x27;ve ever read of the nature of the problem.<p>Would you say that the same thing is true to a lesser extent in the housing market? It&#x27;s not as bad, but there&#x27;s a huge amount of loan subsidy there that&#x27;s driving the price of housing crazy.