Is this debt that will blow up the economy somehow? Is it being bought and sold on the public markets and being packaged as derivatives? The bubble of it may p

Is this debt that will blow up the economy somehow? Is it being bought and sold on the public markets and being packaged as derivatives? The bubble of it may pop, but I'm not clear how it hurts anyone but the banks and colleges. Students who can't pay will continue not having any money to pay anything with, and that needs to be addressed, but it doesn't seem like the same scale as the mortgage crisis.