What started out as State goverment student loans got privatized 30 years ago.

Privatized student loan banks do this...

First they churn the loan by selling it on paper back and forth between2 or more banks in collusion with one another.

They charge extra fees everytime the loan is transferred and compound the interest until they get a huge amount.

I owed $320 dollars on my NYSSMA student loan.   I moved and lost the address for payments. The next time I caught up with them the amount was increased to $62,000

A law was passed so that they got their money directly from the IRS by removing any refunds or stimulus money and putting it in the banks account.

This power grab by the banks is one of their most profitable scams.

The Goverment will mediate these loans so that people can at least redress their grievences against what amounts to these banking crimes.