It's absolutely scary. I'm not sure what implications it has yet for college students, but I speculate that we are going to have a hard time paying off loans since the job market is so weak.
College is more expensive than ever, and the job market we are trying to enter is paying less on average than it was ten years ago. Things just don't seem to be going our way.
I wonder if we will crawl out of this like we did after WWII and the oil crisis of the 70's. I think there is a time limit however on how long we will stay the financial capital of the world. I wish I knew how to speak any dialect of Chinese or Indian.