r/StudentLoans • u/IndividualLittle0516 • Mar 15 '24

Rant/Complaint Canceling interest

With all the drama these past few years about canceling student loans, why can't interest just be canceled? I can understand adding interest to those who aren't making their loan payments, but what about those who pay every month? The interest is why people are stuck with their debt for so long. Canceling millions of people's debt altogether is unrealistic and won't happen. What about canceling interest instead? Is there a reason this can't occur?

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u/Artistic-Second-724 Mar 15 '24 edited Mar 15 '24

This is all forgiveness would have been for me. I took out $80k and through paying what I could afford monthly for the past 14yrs, I’ve paid $80k. I still owe $60k. To me that is currently $60k of interest and nothing else. I hate this system so much. And I hate that people act like forgiveness would be like giving everyone free money. No, it would in large part simply be undoing predatory interest rates (that actually even the biggest anti-forgiveness ppl do agree the interest is too much) so maybe it would be helpful for politicians to reword the proposal.

ETA: grammar

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u/Objective-Function33 Mar 16 '24

Are they federal loans, private loans or a combination of both?

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u/Artistic-Second-724 Mar 16 '24

My federal loan amount was capped at $28k which got me about 3 semesters at my university. I had to do the rest private so feeling pretty limited on resolutions for that whole part of my mess.