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Frideswides Priory , a religious house in central Oxford, amid the citys colleges, academic halls and student apartments. To get a loan from St. Frideswides, a borrower had to be a scholar of modest means and likely took an oath for proving so. He also had to have something of value to deposit in the chest as collateral. From the pledge notes Ive seen in roughly 100 manuscripts and descriptions of manuscripts, its clear that scholars hocked everything from silver spoons to gold plates. But the most commonly collateralized items were books. Not fancy, illuminated books. Just textbooks. In the late Middle Ages, this included works by Aristotle, the Bible, law codes and medical tracts. Heres a link to a manuscript at Balliol College that was used as collateral. The lines on the final page record two loans taken out by a scholar, Thomas Chace, in 1423 and 1424.

For the original version including any supplementary images or video, visit http://time.com/4435208/student-loans-history-middle-ages/