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> but allow lenders to differentiate with rates on the basis of area of degree earned

This makes little sense in the current system, where many students don't even declare a major for their first year (or two, sometimes). They'd be halfway through college by the time they were able to know which degree they'll earn.

Intended major is just as bad of a metric. I think we all know many people who intended to go into one major and ended up in another.

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You can maintain the interest rate based on choosing your intended major, but if you choose another your rate changes.

It’s just an ARM loan, but with adjustments based on your one decisions instead of the greater economy.

So I’ll double major in biology and something else I’m actually interested in, say my intended career is medicine (even though it’s not), and maintain my low interest rate for four years (or even longer)?

One would hope that calendar time paying post-graduation >> time paying pre-graduation. ;)

They're 20 year loans.

I'd be hard-pressed to think of a single person that wouldn't tell an unverifiable lie to get a lower interest rate on 20% of their loan lifetime.

Doubly so for loans with compound interest (as some private student loans are).

So just roll the difference for your entire study period onto your post-graduation rate?

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