A few things about student debt aren't addressed here and ignoring them probably underestimates how problematic the situation is:

1. Student debt is saddled on what should be major spenders in the economy 5-10 years down the line in a way mortgage or other debt is not.

2. Student debt has been stripped of most protections found in other forms of debt. Dollar for dollar you student loan is more dire than your mortgage because there's no escape route.

3. Student debt is meant to have a return for the indebted, but the amount of that return has been steadily decreasing for ages now.