A better fix
A better fix would be to reform the way the loan companies collect on the loans Since they were privatized the interest rates are over 9 percent and the way they calculate the payments are criminal. Navient was forced out for unjust practices. Why are we allowing these companies to make so much money off the people who are working hard to pay back the loans
I am still paying on a parents plus loan and have been paying for over 12 years My records show I paid it off 6 years ago When I print out the spreadsheet and calculate what I have paid it is well over the original loan. Some months the interest payment is 40% of the monthly payment and some months it is 80% and some months 100%. No rhyme or reason. I have asked many time for an audit and am not able to get one
Also the addition to the balance with something called capitalized interest which they can never explain
So sorry for the long note but a reform of how college loan debt is collected would be an important fix. Why allow companies to get rich which is not fair to the college borrows
BTW previous loans were federally secured at abt 3 % before privatized and todays loans have no comparison to those that many of us took out all those years ago
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