What seems to be hard for many people to admit is that we have gotten to the point that, for many academically capable potential college students, college study leading to a bachelor’s degree is not a financially realistic option for them due to parent financial circumstances and choices. The cheapest path may still be unaffordable or at the very margin of affordability (including needing loans), while better academic fits may be more expensive.
I.e. it is increasingly the case that college is more of a marker of parental financial circumstances and choices rather than the student’s own academic achievement. With credential creep in jobs requiring bachelor’s degree despite not actually needing the general or major-specific skills and knowledge indicated by such, that reduces the opportunity for those born poor or to parents who make bad financial choices to move up the SES scale.
Arguments about loan forgiveness are more about the symptom rather than the problem.