Sheila Bair: $1.5 Trillion Of Student Debt Is The New Subprime

A decade after unaffordable mortgage borrowing brought our economy to its knees, we face a new kind of crisis, as student debt now exceeds $1.5 trillion, with nearly 40 percent of borrowers expected to default by 2023. We are putting a terrible financial burden on our young people and hurting the economy more broadly as loan payments curb student borrowers’ ability to engage in other economic activity such as buying a home or starting a business