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They're in line with other loans.
It’s outrageous that a loan for higher education comes with an interest rate at all. The increased productivity of a college graduate should cover the need to profit off the loan. Extra silly because as a graduate you only see compensation for a paltry fraction of that increased productivity.
Depends, some are some aren't.
However, in my opinion, the thing that makes student loans crazy is how the payments are structured.
With other big lifetime loans (mortgage, car, etc.), they are structured with a fixed term and the interest is factored in from the beginning. You pay $X a month for Y years, and that's it, it's all paid off. All you have to do is keep up with those payments, and you know how much they'll be from the time you agree to the loan.
Student loans are structured more like credit cards. If you just pay how much they tell you to, interest will accrue, the loan grows, it capitalizes, and the term is indefinite. You can pay on it consistently for decades and never make any progress.
There's practically no assistance to figure out how much you really need to pay, and sometimes even attempting to overpay to cover the interest doesn't help, as they'll apply the extra towards the next payment instead, and so extra interest still accrues.
7% is a scam. You wouldnt buy a house on 7% interest rates. And an education seems to be a safer investment. Especially for the government that should have an interest in education to drive the economy.
Where do you think housing mortgage rates were a couple of years ago?
They used to be at 3-4% in 2019-2020. Holy hell, you are at almost 7% now. Let me reprhase then: the US is a scam. 7% on a 30 year mortgage means you pay about 40% interest in total on the loan amount.
Which is the problem. Loans used to be 3%, now they are 7 to 8%