Assuming people have to repay it, it'll be a huge drag on the economy, for the entire lifetime of those millenials. Just think, for the next 70 or so years, th

Assuming people have to repay it, it'll be a huge drag on the economy, for the entire lifetime of those millenials. Just think, for the next 70 or so years, those millenials will be spending what 10 to 20% or more of their paycheck on those loans. So, it won't pop, it's more like a big slow deflation. It's the same for the gov't debt too. Even if they millenials can get out of paying for it, it'll still be passed on to tax payers, so the effect will be the same, a very long period of reduced consumer spending, leading to less economic growth.