My understanding was that the law was changed in the US so student loans couldn’t be wiped by bankruptcy, and the government then increased how much it could loan due to the security. Tuitions rose to meet the new supply.
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Cake day: January 5th, 2024
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Facebook started out as invite only for a few years so they might have been looking to emulate its early trajectory. Gmail also started that way.
TIL, thank you!