system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5:What would happen if every single American with student loan debt simultaneously defaulted on it?
gpt
The banks would be bailed out by the government, who insured the loans.

Taxpayers, including those newly-graduated and working debtors, would have to make up the losses in higher taxes.

Deadbeats would lose their credit rating, and have to pay exorbitant interest rates for years to come.

Student loans would become prohibitively expensive and fewer of the next generation would be able to attend college.

The job market cannot find adequately-trained Americans and seeks visas to hire foreign guest workers.