I definitely can see how Lambda school is now incentivized to generate as many ISAs as they can, and that price discovery in the ISA market (and other somewhat opaque or difficult to model debt markets) can be tricky, but shouldn't Lambda be incentivized to produce excellent graduates because that increases the credit rating (so to speak) of their ISAs and in turn the market value? I would think that ISAs of notoriously bad programs would sell for pennies on the dollar, while ISAs for a highly regarded program might be as good as cash (probably not that good, but you get the drift). I would think at some point that it would be easier to produce one good graduate than 10 or 100 terrible ones (even a terrible program probably has a decent amount of overhead per graduate to market to and find them, enroll them, instruct them, test them, etc.).