That is the major difference, mortgages had people underwater on actual physical things like property. They would go bankrupt and foreclose which would have a

That is the major difference, mortgages had people underwater on actual physical things like property. They would go bankrupt and foreclose which would have a domino effect on other things. Student loans are ignored in bankruptcy and there is no domino if they fail to pay since a degree isn't transferable to another person. If there were to be a bubble burst, the people impacted are those that can't pay loans back and the institutions that handed out the loans. Sure there could be a backlash but a lot of those loans are from the Fed, right?