Considering the collateral against that student loan debt is nothing (hence them not being dischargeable in bankruptcy), I would think it's much worse than an increase in mortgage values. Of course, there have been other articles on the HN front page as recently as today talking about rising home costs as well.

America (and the world? I don't feel qualified to say that) has a very odd relationship with debt, and it's driving all sorts of weird societal behaviors, like taking $100k+ in debt to get a college degree. I don't forsee it ending well.