If the return on investment in education continues to decline, the servicing of student loans will tend to crowd out other consumption and investment outlays, especially given that student debt has considerable seniority in the capital structure. In this scenario, the risks of default and delinquency would rise, along with financial insecurity and general instability, all of which would exacerbate the inequality trifecta (income, wealth, and opportunity).
如果教育投资回报继续下降，那么维持学生贷款将挤出其他消费和投资项，特别是在学生贷款拥有很高的资本结构地位的情况下。在这一情景中，违约和违法风险将会上升，金融不安全和总体不稳定的风险亦然，所有这些都会加剧“不稳定性三驾马车”（收入、财富和机会）。