The first thing that went wrong here occurred seven years ago, when Congress decided to pander to college students and their families by passing a temporary reduction of student loan interest rates to 3.4 percent. Congress wrote the lower rate to expire, and a rate of 6.8 percent to return five years later, because Congress always does that to mask the true long-term costs of such panders. They extended the rate in 2012 for one yet, but could not reach a deal to extend it again this year, so the 6.8 percent rate is back, much to the consternation of the panderers in Washington.