I answered "Maybe", as I don't have the necessary information to answer the question. I do have a suspicion that the rates charged are actually too low, however, as the general level of rates is caused by massive FED intervention. Based on this subsidy the student loans are probably very costly for us all.
But there is another important aspect I am not sure of. That is how the rates on the loans come about. If, as I suspect, they are bundled and sold in the market as bonds and the rates depend on this transaction, then the loans are correctly priced albeit at a generally to low level that has, however, nothing to do with the type of loan this is.