Britain: Payments once making over £25k, 3-7% interest, forgiven after 30 years, taxpayers pay school if default.
Lambda: Payments once making £ 38k, no interest, forgiven at 5 yrs, school makes $0 if default
Passing the bill explicitly to taxpayers is perhaps better than the system in the US, but incentives aren’t aligned at all.
Which do you suppose will be more interested in your career success?