$1.5 trillion. That’s the amount of outstanding student loan debt held by American citizens according to the New York Fed. It is an astronomical sum, and has led to much hand-wringing about whether there is a coming bubble in U.S. higher education. What’s even worse than the scale of the debt load though is the fact that for millions of borrowers, they literally don’t have to pay some of those dollars. Thanks to the complexity of the loan system in the U.S.