The housing bubble was sophisticated investors thinking they swindled unsophisticated investors to some degree. Private student loans operate similarly and hav

The housing bubble was sophisticated investors thinking they swindled unsophisticated investors to some degree. Private student loans operate similarly and have similar risks. Similarly, you can't _sell_ an education except with a job so if there is even the slightest panic a bunch of people can't pay their loans and the holder of the note can't sell the underlying "education".