Clearly, the interest on student loans should be no higher (and probably lower) than standard bank interest.

What I'm wondering about, though, is why people take on such massive amounts of debt in the first place.  Why would you borrow tens of thousands of dollars to get a philosophy undergrad degree?  It qualifies you for nothing.  Why not get your Starbucks job first and then take courses on a part-time basis paying as you go?