(Bloomberg) -- U.S. student loan debt now equals the sizeof the $1.3 trillion U.S. high-yield corporate bond market,presenting investors with a whole different range of risks.

Related: Student loan crisisworsens

“Delinquency rates on student loans are much higher than thoseon auto loans or mortgages, due to loose student loan underwritingstandards, the unsecured nature of student debt, and the inabilityto charge off non-performing student loans in bankruptcy,” GoldmanSachs Group Inc. analysts Marty Young and Lotfi Karoui wrote in anote Tuesday. “The substantial majority of student loan defaultrisk is borne by the U.S. Treasury.”

Related: Navient 'systematically' cheated studentloan borrowers

While the trend of rising defaults on student loans doesn’t pose“systemic financial risks,” it does impact household behavior asthe debt load itself hurts home ownership rates, Young and Karouisaid.

Related: How the 9 student loan servicersrank

The share of student loan debt that is securitized, meaning it’sbacked by assets and known as asset-backed securities, is about$190 billion, according to Goldman Sachs. Of that, about $150billion is linked to loans where the repayment of the principal isguaranteed by the U.S. government.

“Most of the remaining student loan debt not in ABS format isprovided to students by the U.S. government through its FederalDirect lending program,” wrote Young and Karoui.

See the Bloomberg chart below; source is Federal Reserve Bank ofNew York:

Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.