Student loan forgiveness is being taken seriously right now by the bourgeoisie.
The Federal interest rate going near 0% has led to a massive boom in housing construction. Student loan deferment has led to many people saving up for a down payment on a house. The housing market is carrying the US economy right now.
If student loan deferment ends, this space that Capital found for expansion will disappear. There will be an immediate crisis.
Also, the effort to privatize student loans has been a failure. Betsy DeVos has been the Secretary of Education most dedicated to privatization. She killed the Perkins Loan, which has led many new students to private loans.
Although, after her reign, 92% of public student loan debt are still held by the Department of Education. It is unlikely that the Biden SoE will be more successful at speeding up the process. Capital is in crisis now.
Forgiving public debts is a method of privatization in America, where a culture of indebtedness exists. They want everyone with public student loans to take out private mortgages, owned by JPMorgan, Citigroup, etc.
I'm not saying student loan forgiveness is good or bad. It is good for me. But it serves a purpose that we should understand.
It doesn't matter how much wealth or power or cops they have if the majority of the proletariat turns against them. Automation requires engineers and mechanics, police forces require food, supplies, ammunition, etc. You can't maintain a power structure if a massive portion of the overall population doesn't want it to exist and is willing to tear it down themselves.
Capital can only continue to survive if it keeps a fair chunk of the population invested in capitalism. If the entirety of Gen Z and Millennials decided they wanted socialism tomorrow morning, they're up shit creek without a paddle.