Do church members really think that their money was helping people all over the world? They need to think again. The potential recipients have to complete a workbook, about 12 hours of homework in a language not always their own. They have to take a 3 day course offered at the church, sometimes their own building but sometimes too far away for people who have no money and no vehicle. During this course they are told that this should be their very last resort as a way to finance post secondary education. Well duh!
Then the application can be filled out if they have a bishop and stake president who can or will take the time to take process it and to send it off. However, if they do get accepted they have to begin paying off the loan immediately. Not when they get a job, but right away, even just the smallest amount just to get them in the habit of paying.
Wouldn't you want your money to be loaned to them until they could start earning money? Can you imagine going to school on an empty stomach and then having the added stress of having to find a way of obtaining some money to pay back the loan that you received due to the the loving sacrifices of members of your church; some of whom live in luxury? This is an inspired system? NOT! It reminds me of the REAL Perpetual Immigration Fund of the early days of the church. It was supposed to secure passage and somewhere to live for all the converts. Many people who sent money for a home to come to found that they were homeless and there was no money. How do people think that Brigham Young got so very rich? He was loaded by the time he died.