Setting aside the fact that young adults may or may not be in debt for bad reasons, if the government really wanted to solve this problem they’d fix it at the level where it needs fixing.
1) Get the government out of school loans. Make the only way for loans to be issued come from private banks who will then scrutinize your chosen major, ability to get a job, and the projected salary to see what you can pay off. The lower the salary, the higher the interest rate they can charge. Maybe pass a law to cap the rate at a certain level because it does benefit society to have its populace educated.
2) What this will do is drastically reduce the number of kids being given loans. Or, reduce they amount they can borrow. This will cause a rapid and drastic reduction in college tuition when student rolls start decreasing. Think about it. Colleges know that the government will fund loans, in effect guaranteeing their customer stream. Until that stops, colleges have no incentive to lower their tuition.
3) I see it first hand. My youngest son is very smart. Excellent grades academically, solid SAT scores, football player, boy scout, community service, holds a job... He has had trouble getting into schools that have the program he wants because its so damn competitive. He’s being squeezed out because applications are through the roof.
4) This will fix the problem but it will be painful of course for the colleges. But you tell me - is it reasonable for the In State Tuition of a college my son applied for to be approx. $8,000 per year and the Out of State Tuition to be $32,000? I get that you want to give the in-state kids a break but come on? 4 times as much. It’s not like they have any added costs. It’s pure profit for the school.
I actually think Elizabeth Warren’s idea has some merit. At least she’s only soaking the UBER UBER UBER wealthy in her plan. (in theory) But the lesson is wrong. And it penalizes those that have lived responsibly and saved for school. Or chosen a good major and not 18th Century French Poetry.
In the end, I doubt anything will happen. It’s all just bluster. And that’s probably the saddest part of all.
In the end you KNOW nothing will be done. Revisit your “premise” about gummint solving problems. It’s painfully obvious this gummint can’t do that.