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.