As for students can't pay their debt, statistically, it would only mean that the price (interest) for student loan will go up or students need to find a good cosigner. So it really does not matter if students can find jobs or not, what really matters is you do not underestimate the percentage of students can't find a job. Well, the human psychology cycles at this point is risk is scrutinized. So I am very optimistic on banks, financial institutes that can survive the crisis.
Finally, please read posts on the forum before you really want to dip into fmd, I read almost every one of them.