Just like the housing bubble, the education bubble was fueled with easy credit. The cost of education skyrocketed, and students didn't care because they could pay for it later.
Just as with the housing bubble, consumers are now realizing they overpaid. Unlike a house, though, when you're underwater on your education, you can't walk away. Student loan laws make borrowers debt slaves forever, with the debt immune from discharge even in bankruptcy.
If you really want an education, save some money, get a scholarship, go to state school, or rob a bank. Just say no to student loan debt slavery.