It’s usually federal loans they’re taking about. It’s the government’s money, the banks are just the administrators, more or less.
The crux of the issue is the price gouging by the universities. Paying your way through college in the 70’s and 80’s was feasible. Nowadays, that’s very hard to do or impossible. So we tell 17 year olds they need to go to college, then make the ‘financial aid’ process as convoluted as possible and saddle them with enormous debt to start their careers. It’s pretty bass ackwards.
I can afford my loan payments and was fortunate to land some good jobs, so loan relief doesn’t mean a ton to me, but something would be nice. I’d settle for a lower interest rate.