> Good! Should we just allow it to keep getting exponentially worse? Smaller correction now, or massive correction later?

You're painting my comment as rather black-and-white. All I'm saying is that encouraging mass defaults on private loans is probably the most disastrous way to correct. In fact, encouraging mass defaults is letting things get exponentially worse; it forces the government to pick up the burden of these increasing costs without simultaneously addressing the reason that these costs are rapidly increasing.

A correction will ultimately result in banks having to write off some of their loans, but forcing them to do so in a sudden and unpredictable way without addressing any of the other problems (inflated tuition costs, federal subsidies, etc.) simultaneously is putting the cart before the horse.

Not to mention the real solution to this problem is to not have so many people take loans they can't pay for an education that isn't worth what they're paying for it. It's a lot easier economically to just not go to college than it is to advocate everyone steal money to go to college.