Banks do not hold the debt in question, the Federal Government is the creditor. Obama had the Federal Government take over the student loan business, knowing full well that scenarios like the current mess would eventuate, and give Democrats an issue to demagogue the hell out of. Not even in his wildest dream could he have seen anything as juicy and ripe for demagoguery as this.
The irony is that student load forgiveness is a form of wealth transfer from the poor to the rich, the exact opposite of what they would have you believe.
https://nypost.com/2023/07/01/alessandra-biaggi-mocked-for-complaining-about-student-loans/
Husband suggests after they finish pitching a fit on the floor, they each hold their breath until the rest of us see reason.