If debtors could get organized and all stopped paying at once, it seems likely that Navient would run out of money before they got the spigot turned back on.

The consequence of course would be that student loans would cease being made, or be made much less frequently. This would have effects, some good, some bad.

This is a pretty interesting idea. I have never heard of debtors banding together to negotiate lower debts before.

I'm not sure what you hope to get from it.

US has never had problems with putting 1% of their population in jail. If every student, even the children of billionaires, massively refuse to pay back as a group, the banks would be too happy to strike a deal with the children of billionaires in order to put the 99% others in jail.

"US has never had problems with putting 1% of their population in jail." {Citation needed}