Many student loan borrowers are locked into consolidated loans at interest rates of over 7%.
Many people needed federal student loans to attend university/college, and are grateful for this opportunity. Most of the borrowers want to repay their loans. For many people, however, the interest rates that they are repaying at are cumbersome and present a financial burden.
If the Federal Student Loan Program does not rely on borrower repayment interest to underwrite the loans that are given to new borrowers, the interest paid by all borrowers should be capped at a level that pays ONLY for the administration of the system.