These guys are better off than the student loan borrowers. They are usually established in some kind of substantial income stream and can discharge in bankruptcy. They will have to use debit cards, pay for a beater car in cash, and rent; but still put it behind them and rent everything.
The student loan people can’t discharge. Often they never get established in substantial income jobs. They are true debtor slaves, living in fear. Plus a substantial drag on the economy. To bail them out, however is a punishment of the prudent.
Most student loan debt is “government” backed. When default occurs the Treasury gets involved and heavy garnishment ensues. Doesn’t matter where the borrower goes job wise, the Treasury will find and garnish them.
I ran across one young woman who was 130K deep in student loan debt. Her “degree” was in some sort of “studies” which basically meant there were really no jobs for her (her fault BTW)..