So Todd Vermilyea, Senior Associate Director, Division of Banking Supervision and Regulation appeared before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. on June 25, 2013.
Here's an excerpt to put things in perspective :
The private student loan debt market stands at a whopping $1 trillion dollars only 2nd to residential loan debt which currently stand at $13 trillion dollars.
The Fed does not regulate the student debt market and it seems the college bubble will continue expanding due to low interest rates. The risk of this bubble imploding will rise significantly within the next 5-10 years.