The only reason student loans are so high is because college tuition is so high. How can a country compete in the world when the people we send out there are burdened with a lifetime debt? Instead of giving their money up to a bad debt, the money could be better spent being put into the economy. This way, it isn't only the bankers who get the benefits. Stop making education a product to be sold.
If the question is "Are interest rates charged on student loans too high?", then the answer is a million times yes! In fact, I believe there should be no interest at all charged for at least the first two years following graduation. When you come to think about it, ignorance is much more expensive to governments than education, so let's invest more!
I was a student not so long ago, and my student loans were a godsend. As a product of a single-parent family, my mother couldn't afford to pay for my huge tuition fees, and my accommodation, and my daily food budget, and so on, and so forth. Perhaps if tuition fees were lower, then you could consider lowering student loans for people from poorer backgrounds, but until then, if you want to keep sending bright students to top universities, no matter what the background, you have to keep ensuring they're financially able to get through the course.
Student loans are needed for many low-income students to get the education they need to better themselves and their community. Often, many students or prospective students are discouraged from continuing their education due to the extreme cost of doing so, and in such we lose many great minds simply to circumstance.