> Where is the collateral? You buy a house, don't pay... you lose the house.

And what happens when the bubble bursts and the house is now worth 200k less than what it was originally purchased for? The bank writes it off.

So I propose we give everyone a paperclip with their degree and then if they file for bankruptcy they can give the paperclip, which depreciated 50-100k, back to the bank. It works for boomers so I think it'll work for millennials.

...I'm only half kidding with this comment.