People who attended college and used student loans to help pay for their education are NOT allowed to refinance their student loans after loan consolidation. An $80,000 loan with an 8.50% interest rate for 30 years equates to over $200,000 in interest! I believe this is causing people to default on their student loans. Instead of loan forgiveness, which the government was considering to revive the economy, why not look at lowering the interest rates on consolidated loans or allowing people who are "locked in" at these ridiculous rates to refinance?! I feel like I'm going to cringe when I have a student loan monthly payment of $700, while my sister who has a 2.75% rate on the same amount of loan only has to pay $275 a month! If this isn't injustice or robbery than I don't know what is!
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