On the one hand taking on that student debt to the extent it's successful in building skills that put people in higher wage jobs and qualify them for better work is really critical to their getting ahead.
On the other hand, there's a lot to worry about with student debt, with people attending colleges or gaining education where they don't finish, the reward isn't there. To me that's a major concern, is that people may not be well-informed about what the benefits are of what they are taking on.
And if an individual finds themselves in difficult financial straits for any reason, that debt, because it's not dischargeable in bankruptcy, can be a very severe burden that really holds people back.
In terms of studies, there has been, it would appear, a decline in new business formation. I have not seen anything myself, but I might not be aware of studies that link it to student debt. I haven't seen that. It's certainly possible, but I'm not aware of that.
With respect to housing, some economists at the Fed have tried to look at that and others have, and I think the results are mixed. It is not clear that student debt is a major factor responsible for inability to buy homes or get ahead in the housing market, although I understand it's quite logical that a heavy student debt burden would make it difficult