Bloomberg News got a hold of Federal Advisory Council notes from earlier this year. The central bankers acknowledge the government is creating new bubbles in both farmland prices and student debt.
At a meeting in February 2012, the council said "growth in student-loan debt, to nearly $1 trillion, now exceeds credit-card outstandings and has parallels to the housing crisis."
Student lending shares features of the housing crisis including "significant growth of subsidized lending in pursuit of a social good," in this case higher education instead of expanded home ownership, the council said.
As my (lone?) Republican law school professor noted, any time you hear "social good," hold on to your wallet.