Should Student Loaners Be Able to Refinance?

Student debt is treated as a different animal than other kinds of debt, including home mortgages. About 90 percent of student loans are held by our government rather than private lenders because policymakers have determined that the United States should do all it can to help its students afford a college education. Government loans don't operate like other loans. They have many perks—low-income subsidies, a variety of repayment options, and wide availability. They also have a downside. Older loans at high interest rates can't be refinanced, for example. And no matter how hard the government tries to make the process seem simple, it isn't.