In an era when banks are being bailed out by the Federal Government, an entire generation of Americans is being left behind, paying Student Loan interest rates above 5% while the "big banks" pay 0.25%.
The Student Loan program is in dire need of massive reform.
1. All loans should be bought (back) by the Government so that no profit is given to outside organizations like Sallie Mae.
2. The system should be restructured so that the interest income generated by loans is capped at the amount needed only for the administration of the Fed Loan System, not for profit.
3. All loans should be reissued at an interest rate which reflects this income target.
Continuing as we are amounts to social engineering in favor not of the people, but of the commercial interests on Wall Street.