I think that if you take a loan out for ANYTHING and that includes loans you need to pay the money back. Now if you're in a terrible accident and totally disabled thats another story. I think there are better ways to handle it. The interest rate should be locked in at the start of the loan instead of being able to change. I think that they need to give a running total to college students and what their monthly payment would be at that time every year so that they get a more accurate idea of what they will owe. A $5,000 loan per semester doesn't sound like a lot to a college student but if they hear part that in their 3rd year of college they now owe $25,000 and the payments are $400 per month that might sink in.
at 3:24 PM on Jun. 3, 2013