The Undefined Collateral Crisis: Student Debt Backed by Unmeasurable Capability
When the verification apparatus collapsed, trillions in obligations became epistemically ambiguous The global student loan system rests on a foundational assumption rarely examined: that educational credentials verify capability, which translates to future earnings, which supports debt repayment. This chain—credential → capability → earnings → repayment—has functioned for decades as the basis for lending, securitization, and … The Undefined Collateral Crisis: Student Debt Backed by Unmeasurable Capability




