Cancel interest rate on student loans

[JDM2024 (Jeremy Madden)]

Hi Mary,

I agree the average 7% interest rate on student loans in brutal, but the government still has to pay $2 billion or more a year just to service these loans.

I proposed an idea to cap the interest rate at 1% so the loans could still be serviced, but borrowers would benefit greatly and, therefore, the economy as well.

Check it out? Thanks!

Cap Student Loan Interest at 1%. Loan Revenue Will still be 900% of Required Cost of Servicing All Loans

The current student loan debt totals $1.74 trillion dollars, which needs to be repaid. The average borrower has $38,000 in loans. The government spends $2 billion a year servicing student loans. Capping student loan interest to 1% will generate $17 billion four-hundred million; nearly nine times the required amount to service the loans. Currently, an average borrower is paying 8% on their $38,000 loans. Over a ten year repayment this works out to nearly $500 per month ($6,000 a year) and $17,0…