system
A chat on subreddit /r/wallstreetbets
human
Sally mae (gov loan program) owns 90% of all student debt. The 'evil bankers' people blame for the student debt is the goverment. Their handing loans out to anyone is what caused prices to go up for both school and homes. More 'free' money = people charge more. Easy com easy go.  
  
 And no. The credit was never destroyed. It was paid off by then goverment. The banks got their money. And the home owners lost their home and their credit was fucked. Money doesnt just go poof.

gpt
The money no longer goes poof in the current environment, it (debt) just simply gets pushed up to the next layer up, just as the Fed owns $1Trillion in mortgage backed securities, the Fed prevented housing valuations to be destroyed. This is the new normal, not sure how anyone isn't Long gold into this oncoming recession.