[dnadler]

Yeah, as you say, it's not really a traditional "bubble".

From what I can tell, a few entities will suffer, but not in a spectacular fashion.

1. The government may be forced to forgive a lot of debt, thus taxpayers will suffer.

2. Those making whose student debt payments are not proportional to their income will be an economic drag on the US.

So there is no "bubble" to "pop". Rather, it looks like it's going to be a long-term economic drag on the country.

[hkmurakami]

iirc 1 is already happening, as more loans "than expected" (roll eyes) are delinquent.