“Universities today loudly proclaim their commitment to diversity. But in the meantime, democratization through public investment has been replaced by democratization through consumer credit, effectively transferring the costs of diversity back to the individual student and her family. The beauty of securitized credit is that it excludes no one a priori. By abstracting from class stratification in the present, it can accommodate all differences preemptively simply by pricing them at variable rates and deferring repayment to some barely imaginable point in the future. In principle, we all have access to a college education, no matter how much we or our parents earn. Yet, private credit does not merely obscure the effects of class; it also actively exacerbates inequality by forcing those without income or collateral to pay higher rates for the same service. When the long-term costs of credit begin to materialize and accumulate, students are once again confronted with the intractable resistances of class, race, and gender stratification. The divisions of family wealth reassert themselves with all their historical force.”