As student loan delinquencies rise, one can only think about the comparative rise in Delinquency Rate on Single-Family Residential Mortgages in the late 00's (see image below).
Most notably, "the total in arrears is about twice the amount the U.S. Treasury provided to bail out the auto industry during the last recession." It will be interesting to see who might shoulder the financial burden of large scale default on student loans should wages fail to rise with consumer debt levels.
Student-loan delinquencies surged last year, hitting consecutive records of $166.3 billion in the third quarter and $166.4 billion in the fourth. Bloomberg calculated the dollar amounts from the Federal Reserve Bank of New York’s quarterly household-debt report, which includes only the total owed and the percentage delinquent at least 90 days or in default. That percentage has remained around 11 percent since mid-2012, but the total increased to a record $1.46 trillion by December 2018, and unpaid student debt also rose to the highest ever.