I think there is an obscured part of the student loan debate were federal loans were never really quite enough to fund college alone. Rising tuitions have meant a private loan becomes a basic necessity for covering the costs unless you have something like generational wealth, or specific subsidy like a scholarship.
It’s created a feedback loop where students are funneled increasingly towards taking on private loans to complete their degree, or have to drop out and have all the debt for nothing. To the point one could argue people aren’t benefitting from the loans to begin with.