The statistics are harrowing. Per the Education Department and the New York Fed, 43 percent of federal student loans are in postponement, delinquency, or default. And, while credit card and mortgage debt have fallen since the peak of the housing boom, student and auto loans have soared.

Student loan delinquency rates have surpassed the 2010 peak mortgage delinquency rate of the housing bubble and credit card delinquency in 2012.