First, they get a bunch of 18 year old kids and tell them that they will loan them the money to goto university. They never mention the interest and there was actually interest higher than most banks were charging. I knew one heart doctor who gave them 100,000 dollars and it didn't even cover the interest (she moved to Canada) Its my understanding that the banks they put in charge of these loads were getting rich off the interest. There are people who paid for over 20 years on one of these loans. Basically, this whole deal was to make certain banks rich and a bunch of kids very poor.

I was against this from the getgo. It was poorly put together and nobody seemed to mean it would leave a LOT of people trying to pay their bill which was getting bigger and bigger with more and more interest. It put my country in the banking business and I was also against that. Biden knows this and has been trying to bail folks out. I wrote to him and told him that I thought that he should take all interest paid and apply that amount to the amount owned. If its more than what is owed then mark it as paid. If I am right about the banks and the interest then gov should also have a little visit to the banks and ask if they were going to share the wealth with their country. (I know, won't happen but .......)

The people who really got screw are those that never paid for the interest. By the time they learned that their interest debt was bigger than the original interest. I wonder how many debtors paid off the debt but has not yet paid the interest which apparently gets bigger than the original loan.