There are several parties who have to deal with the burdens.  However, the entity that bare them the most in the macro level is the Country and all its citizen.  In addition to the country here are the additional lists of sustainers:

• Individual borrowers and their co-signers.
• US Higher Ed institutions.
• The hiring companies or employers.

The acts of moral hazard may not be easily or directly be observed, but their results are pretty obvious.  Many US families are waiting when the policy makers will do something meaningful for their own citizens.  Ignoring that such systematic errors exist, will not solve the existing problem, rather it may make it worse.  But, toward the end, the Uncle Sam may bill everyone out.  Hopefully, but do you know why?