In the United States national banks, financial institutions, and lenders are allowed to legally charge usury rates (illegal interest rates) on student loans largely because they headquarter their student financial services in South Dakota where no laws exist for banking and interest rates. This allows the lenders to base their rates on the laws of South Dakota instead of the laws in the states the students reside. A student loan for $8,000 at 10% interest in the state of Pennsylvania should be illegal, but since Wells Fargo's student financial services are located in South Dakota, they can "legally" charge usury rates in Pennsylvania on student loans. If this same loan was a car loan in Pennsylvania it would be deemed illegal and the lender would be forced to pay back 3x the value of the loan, but since South Dakota is a bank haven, it allows them to charge whatever they deem fit. The key to eliminating this loophole is to eliminate the lack of banking and interest rate laws in South Dakota. We must flock to South Dakota and demand justice for all students being ripped off by this complete and utter sham. The task is simple, but they will make it extremely hard and will drag this out as long as possible, but all South Dakota must do, is enforce strict interest rate caps on student loans (well below usury rates). This task would free an entire student body from usury rates. It’s disgusting that people merely seeking to better themselves and their future must be punished by pure corporate greed. This action here alone could prevent thousands if not millions of loans from defaulting and could help prevent the need for another huge bailout. Please sign below to help not only your own student plight, or someone else’s student plight but for the sake of the American economy and our future. God bless and keep fighting the good fight.