Most people took out loans at the age of 18, not knowing how little ROI they would get. Even if you are able to make the minimum payment, this payment gets disbursed to all loans you took out each semester or school year. So, with interest (2-4% on multiple loans at $3-5k) your minimum payment each month ends up making no impact to your total amount. It’s intended to make you stuck - and it works!
Here it is:
We will payback the loan we borrowed, but the interest needs to be limited and only apply to the entire loan amount - not each little subsidized/unsubsidized loan.
OR - interest freeze for 10 years post grad. Can still make payments to get your principal down during this freeze.
Overall, no late fees should apply