Fannie Mae-No Politics (FNMA)

[philipmax]

digressing from F&F chatter for awhile,
Student loan is a bank hold-up. Once you are out of college, the debt is transferred to a bank, usually JPM or BOA, and accrues interest at 7%. In the mid 70's , x-students were declaring chapter 11 and excused themselves from this onerous debt. Just like clock-work, the banks went to congress and had a law introduced that prevent default to eternity. At over a $Trillion in student debt outstanding, the banks are raking $Billions if profit from these loans. Stop the banks and change the law, and all will be cleared up. Until then, the banks and their lobbyists will impoverish this Nation until Kingdom Come.

If you know a struggling x-college student, try to get them to join for a Class Action suit against their colleges, for not equipping them with the knowledge to compete.
Alternatively, if the student's credit is still good, get one of those credit card, interest free, loan flipping, deals and pay down as much as possible before the deal expires. They can save a bundle in interest and, if they flip it again, and can pay-off the loans years quicker.