Quote from denner:
The interesting part of this is that there was a great deal of degree "inertia" in the planning of alot of these students. They witnessed the previous crop of college grads take on a ton of student loans and find well paying jobs. Nobody really mentioned, nor do they now, that many of those jobs were directly related to the once in a lifetime credit bubble. It's another reason why college tuitions have literally doubled in less than a generation (maybe tripled). Without an end market for all these degrees (some completely useless), we'll just have an ongoing series of devastating credit busts.
So when will the college tuition bubble burst? Now the the gov is the only one lending for college, I guess never.