> I'm sure there's the will to forgive those loans, though

There's pretty clearly not, not even in the dominant wing of the Democratic Party, despite people—mostly in the progressive wing of the Democratic Party—expending a lot of effort to try to build it. It's possible there might be in the future, even perhaps the near future, though having a plan to prevent the problem from recurring and tying it in with the forgiveness makes that a lot more likely.

Student loan forgiveness is a mainstream topic. Biden is supporting cancelling $10,000 of federal student loan debt per person. On the other hand eliminating student loans, or even a segment of student loans (as GGP suggested) is not something you will see proposed outside of Reason Magazine or a Ron Paul newsletter. Any possible reform you could make will inevitably reduce the amount of income taken in by academia, a notoriously politically active bunch. So I foresee only indefinite band-aid solutions going forward.