To: President Donald Trump, The United States House of Representatives, and The United States Senate
No Big Profits from Student Loans
The banking industry should not be allowed to make huge profits from student loans that borrowers are not allowed to discharge through hardships or bancrunpcy. They are charging high interest rates and raking in the money from student loan borrowers, collecting in some cases 400% of the original loan taken out, knowing that it is practically guaranteed to be paid as student loans are next to impossible to be forgiven. If student loans remain that difficult to discharge, all student loan borrowers PAST and PRESENTshould be allowed to have a reduction in their student loan interest rates to something reflective of a savings account rate, in the realm of 1% to 3%.
Why is this important?
The banking industry should not be allowed to make huge profits from student loans that borrowers are not allowed to discharge through hardships or bancrunpcy. They are charging high interest rates and raking in the money from student loan borrowers, collecting in some cases 400% of the original loan taken out, knowing that it is practically guaranteed to be paid as student loans are next to impossible to be forgiven. If student loans remain that difficult to discharge, all student loan borrowers PAST and PRESENTshould be allowed to have a reduction in their student loan interest rates to something reflective of a savings account rate, in the realm of 1% to 3%. My loan rate is 9% on a loan taken out in the early 1990's, one of which I am still paying on dispite having paid back more than twice what I borrowed, and with a future of paying back another two times more before the loan is paid. Please help.