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Well considering the generations before me didn't have to take out the same kind of loans to get an education it does seem unfair. My parents told me to follow in their footsteps not knowing that the path had changed so drastically. The information given to students isn't sufficient for them to understand the cost of these loans. I understand how loans work but the interest is too high on these loans to be fair. The government shouldn't be changing any interest in my view because having an educated population is what we want. And going forward I would like to see them do the same for anyone going to college.
Just because you say that's how compound interest works doesn't change the fact that it's an unfair amount of interest. The interest rate is severely times higher than my mortgage and I can never get away from it. I was told that was the right choice if I wanted to get a job but I could have this same job without a degree.
If it's unfair, then I can see how you'd want to change the rules for future borrowers... but what seems unfair to me is changing the rules for past borrowers, especially once they've received the benefit of the loan.
If the loans are so unfair, why is the solution to cancel existing loans? Why not just prevent that injustice in the future? If the interest rates are so unfair that it has to affect existing contracts, what about compensating people who have fully paid off their loans? Should they be given some money back? If not, why not? If so, how far back would that go? And how much should they be given?
If someone can prove they were eligible to go to college / university but chose not to go because they knew these interest rates were unfair, should they be compensated? After all, you're saying that in hindsight they were right to avoid these unfair contracts. But, if the people who went get the benefit of the degree at with a loan that turns out to be fair (because the outstanding balance is canceled, say), then it's unfair to the people who made the smart choice with the information they had available at the time.
It seems to me that the only fair thing to do is to change the rules going forward. The people who agreed to an unfair deal in the past would have to live with their bad decisions.