Been calling it for years. Not sure it will turn into a big macro economic issue though. Since all that money is owed to the government... and the government makes sure you pay eventually as it's the one debt you can't bankrupt yourself out of.
It will likely just push a lot of poorer unlucky college grads into deeper poverty, where they'll end up getting public welfare.
So it'll sort of just end up as something that blows up the governments deficit on both ends. Probably ending with some sort of government amnesty plan for student loans followed by a reform in how student loans are given out.
At that point a lot of the shady for profit colleges will probably go out of business... and honestly.... good.
Sucks for those college grads who get pushed into real poverty though, but that's just another uninteded consquence of poorly thought out policy meant to "better" people.
I was lucky enough to graduate without debt.
