Federal Government sponsored Student loans are currently set at ridiculously high interest rates. Current market driven interest rates are at record lows and yet student loans are 7.9% for non-subsidized loans and only slightly lower for subsidized student loans.
Well-connected bankers are making a fortune with the prevailing student loan interest rates.
These loans cannot be discharged through the usual legal mechanisms and the crushing burden of these student loans are going to cause a catastrophe in the future. What is the reason for the interest rates being so high?