Place a cap on the interest rate banks impose on students on their private student loans, which can go up to 18%.

Students are struggling to find jobs despite earning a degree from college and getting themselves into large amounts of student loan debt. Students are earning little money and are becoming late on making their payments. The late fees and interest are causing student loan debt amounts to double and triple. Students are getting themselves into a position that they will be repaying student loan debt their entire lives. Student loan debt is very difficult to discharge in bankruptcy. Due to the fact that colleges are raising tuition, many students cannot get enough government student loan money through FAFSA and are having to get private student loans from banks. Private student loans usually have variable interest rates that can jump to 18%.