HIGHER EDUCATION BUBBLE UPDATE: $1 trillion in student loan debt sparks furor. Note that as far as I can tell, none of the folks complaining about heavy debt and no jobs went to for-profit schools — they seem to have attended traditional universities. Plus this: “For every student who defaults on a loan, at least two more are behind on their payments. Only 37 percent of borrowers who started repaying their loans in 2005 are able to pay them back fully on time, a recent report from the Institute for Higher Education Policy shows.”