It&#x27;s the next crash through a different vector - if the loans aren&#x27;t dischargable, a large portion of the the economic activity that young people normally generate as they grow along their career path is now siphoned off to repaying loans. That&#x27;s a low value use of the money to the rest of the economy. Maybe it doesn&#x27;t end in a dramatic crash but an economic stagnation for as long as inflation is low (inflation being a side channel way of devaluing those loans...).<p>An interesting note:
<a href="http:&#x2F;&#x2F;www.npr.org&#x2F;sections&#x2F;money&#x2F;2015&#x2F;09&#x2F;05&#x2F;437628996&#x2F;episode-647-the-benefits-of-bankruptcy" rel="nofollow">http:&#x2F;&#x2F;www.npr.org&#x2F;sections&#x2F;money&#x2F;2015&#x2F;09&#x2F;05&#x2F;437628996&#x2F;episo...</a>