Student loans are something that most graduates are still trying to pay to the government. This means that there will be a lot of money that the government won't pay. While the Department of Education did account for a substantial amount of money, the presence of a program will make people to be more reliant on loans when they go to college. This will cause more losses that organization cannot accurately account for.
Not only has government finally realized that the cost of education is too much for the average student to take care of after graduation, they've also realized that by allowing these rising prices, they have ended up responsible for a debt so large even they can't do anything about it. Reasonable tuition is more important than forgiveness.
The technological revolution is here and the automation and off-shoring of jobs is likely to only accelerate as time passes. Unless, which is unlikely, a number of new jobs are created to fill the ones lost to automation and off-shoring the student loan problem is only going to get worse.
I think that the Department of Education has actually underestimated the cost of public Service Loan Forgiveness program. This is because of how they are portraying it. The cot of student loan forgiveness should not be that underestimated as the Department of Education hope for. We all know its benefits.