There was a time not too long ago when more than half of all Americans were able to pay for college without a loan. Now?

Ninety-four percent of students who earn a bachelor’s degree borrow to pay for higher education—up from 45 percent in 1993, according to an analysis by The New York Times of the latest data from the Department of Education.

This is not going to end well, says the deputy director of the Consumer Financial Protection Bureau: "If one is not thinking about where this is headed over the next two or three years, you are just completely missing the warning signs."