It represents a third of consumer non-housing related debt and unfortunately for distressed borrowers, isn't generally dischargeable in bankruptcy. Between the inexorable rise in college tuition and the fact that $15-20 billion in student loan-backed ABS deals are still going off each year, this isn't a problem that's going away anytime soon — unless of course The White House wipes the slate clean in an effort to prove yet again that the world has generally forgotten that "cancelling" one person's liability everywhere and always impairs someone else's asset because, well, that's the way math works.

But before you think about holding out for a taxpayer government-sponsored bailout on your student loans, you may want to check the laws in your state because as it turns out, you may end up losing your driver's license or worse, your barber's license. Here's more via Bloomberg:

The little-known laws exist in at least 22 states and have been on the books in some states since as far back as 1990. Advocates for repealing them say they have real consequences for people who cannot make a dent in their student debt.