College Loan Forgiveness

Before they Biden administration enacted loan forgiveness, I had been asking people if they'd take this deal:

Forgive $10K in college debt but with the agreement that congress starts to phase out the loan program by capping the money lent to say $5k/yr/student and lowering the cap by $1k every 4 years.

• Plus no loans to students studying low demand majors
• And no more loans for private schools except those in the top 200 colleges/Universities in post school job prospects?
• Then maybe once all loans are private and disposable in bankruptcy no one will lend 18 years old so much for college
• Then maybe colleges would reduce spending and lower tuition
• Then maybe fewer marginal students will go to college
• Then maybe culture will change and students will live 4 to a room

I think that would have been a reasonable compromise.