Student Loans Are Legal Theft

When I was in college all those years ago, my student loan was about $10,000 which I had to pay off in 10 years, and the interest rate wasn't crazy high. I made that monthly payment and did the dance of joy when it was finally over.

These days, the interest rates are crazy, and I call it legal theft because of that. The students that are in debt over $100,000 because they went to medical or law school are working their butts off just to survive, and that debt will follow them for many, many years.

There's a very simple solution to this, and it isn't debt forgiveness by the government.

How about instead of having interest rates that are over 8% and compounding daily, make them low interest loans at around 2% that doesn't compound daily?

That makes paying off the loans much easier, and can end the predatory lending in that section of the banking industry.

My older daughter didn't take out a large loan, but the interest rate is making it seem like she did. 

This is the spot where the government should make changes. Forget about loan forgiveness that will never happen, just pass a law that has a ceiling for interest rates on student loans. 

A simple solution to a ridiculous problem.