Banks shun less prestigious colleges

If this isn't outright economic discrimination...

...Then what the fuckola is?

Many of America's biggest banks are now eschewing student loans for community colleges and other less prestigious schools - while continuing to make loans to students at more prestigious institutions of higher book-burnin'.

Citibank is one of the worst offenders, but other banks are also guilty, albeit to a lesser extent than Shittywank is.

Naturally, the economically poorest students are hit the hardest (as always). Some have been prevented by this new policy from going to school altogether.

Some victims of this blacklisting are asking: Does it really matter to the bank where you go to school? It shouldn't matter, but banks apparently think it does. Banks view these less competitive schools as less profitable for them. But because the government guarantees 95% of the value of these loans, why would banks even see that much of a difference between these schools and the more prestigious ones?

The government already requires that colleges be accredited and have a low default rate to participate in these loans. So the banks can't use the excuse that the shunned colleges have too many defaults.

I think this whole thing is about classism for its own sake. Maybe the big banks think letting people of humble means advance would be too much of a threat to their dominion. I know Big Business wants people in elementary and high school longer, but school at that level is more indoctrinating. College course work is a little more relevant.

This story should also lay to the rest the claims of those who think banks suffer more regulation than individuals do. Maybe the government needs to step in and say the banks can't spurn colleges just because their students weren't born with a silver spoon in their mouth.

(Source: http://www.nytimes.com/2008/06/02/business/02loans.html)