I went to a lot of universities and had absolutely MASSIVE student debt that I should have paid off by end of this year/next year. It was at 6.7% interest before I refinanced with SoFi. It was ridiculous - you don’t want to know the number, frankly. Although I would be disappointed that I didn’t get it for myself, I think some level of relief/making them eligible for bankruptcy would be a positive.
Here’s my reasoning: it’s incredibly easy to get loans for college. Like ridiculous - you just need to enroll, no questions asked. What this has done is made universities insanely bloated. They know they can get a massive loan from the government for any major. So now universities offer lots of completely pointless majors to literally make money. They have these insanely nice dorms, ridiculous amounts of administration, constant building, etc etc. Its, imo, turned universities into predatory corporations. By making some loans forgiven/eligible for bankruptcy, this now means the government might not get their money back. So that now means they’ll be more cautious/actually give a shit about giving out billions in loans. This will result in them being more critical in giving them out which will cut back on universities offering stupid majors/hiring ridiculous administrators/preying on HS students, etc.
All my opinion from someone who was in higher education in some form or another for 15 years after HS