Making student loans bankruptable has less to do with protecting students and more to do with 1.) reigning in tuition costs and 2.) forcing lenders to consider risk.
The fact that an 18 year old can get any amount of money, no questions asked, means that institutions have all the incentive to charge whatever they want - their customers will pay almost any price.
There are no lenders. That’s been gone since the Obama administration. It’s almost entirely direct government loans now. If you want them to consider risk or limit the lending amount you need to change the law.
Biden’s forgiveness notably does not come with any such legal change that would plausibly make the problem better in the future. It’s purely a one time sop to constituents.
The fact that an 18 year old can get any amount of money, no questions asked, means that institutions have all the incentive to charge whatever they want - their customers will pay almost any price.