Today there was a report on the local news about a state-funded education provider recording a multi-million dollar loss in Q4 last year. It was the first time they have ever reported a loss. Record numbers of borrowers are defaulting on their student loans.

You see the commercials for Sallie and other non-subsidized loans on TV mentioning how cool it is to have extra money for pizza and books. They're going to be feeling the crunch too. The economy is about to get really, really ugly and stupid lending/borrowing are going to be a big player.