The average annual cost of attending a four-year institution in the United States is $24,706 (see the National Center for Education Statistics; http://nces.ed.gov/fastfacts/display.asp?id=76).
Yet undergraduate students can only borrow up to $18,000 in federal funding each year that they attend school (see https://studentaid.ed.gov/sa/types/loans#borrowing-limit).
Thus many undergraduates rely on private student loans to help pay for their degrees. Unfortunately, private student loans have variable interest rates with fewer flexible repayment plans. How can new college graduates repay loans with high interest rates?
Congress can help by prohibiting FDIC-insured banks from selling private student loans. Banks will have more incentive to work with new graduates and prevent loan default.