I was always under the impression that with student loans the reason you cant walk away from them is there is really no tangible asset tied to it. Generally, a personal or business loan has some form of tangible asset that whoever provided the loan can take upon default. Really hard to take something from someone's brain.
I went to college and still have student debt. 10,000 would reduce my loan by about 70%. I really do think this is a terrible idea and don't think it will ever actually happen. I believe this is all talking points leading up to November. Give people some hope for some help or relief. Same with the "inflation reduction act." Its all smoke screens.
I think instead of this, we really need to look at a massive reform and societal beliefs. Like I said in a post above, why do we think people need to have a four year degree to be eligible for entry level jobs? Go look at the posting for entry level position, they will be listed that way and still require experience. The cost of education has outpaced inflation by nearly 1000% in the last 25-30 years. I remember starting college at ~3500 a semester and was paying about 4700 a semester my last semester. I took one year off of college and had to do 9 semesters instead of 8.
Personally, I think that student loans should be 0% interest until you graduate. Then your interest rate should start out around 2% and go up by 1% at select time intervals. This would encourage early pay off and reward those who are diligent.
EDIT TO ADD.
PPP loans are/were a joke and if anyone took half a second to look at them would see how easy it was to get them forgiven... The amount of fraud surrounding them is astronomical. I do not agree with forgiving students loans but if you are complaining about it and didnt say a peep about PPP loans, auto industry bail out or 2008 bail outs...you really dont have much room to talk.