Actually, that's what declaring chapter seven bankruptcy on unsecured debt is. Because the government student loans program treats income earned after leaving college as a security, student loans don't allow bankruptcy.
I agree that the student or cosigning parent aren't the ones who should decide whether or not these loans should be redone with the loans forgiven. That's up to society and is a matter of weighing the benefit of freeing young people from debt against the benefit of enforcing moral hazard by holding them accountable for the loan.
There is good evidence society benefits from debt forgiveness when loans can't be repaid. Also evidence from the 2005 law that made it harder to declare bankruptcy showed the 2009 depression was worsened by those changes.
For myself, I'd be on the side that supports the government absorbing bad student debts and changing higher education funding model to tuition free education for deserving students. I think that is a debate we should have in congress.
A student loan is an unsecured debt, generally backed by the government, tax payer dollars.
A mortgage or car loan are examples of secured debt. If you default on said loan or declare bankruptcy, the debtor can take secure their collateral in exchange for some (or all) debt forgiveness.
A personal loan, through a private lender, is an unsecured debt. If you default on said loan or declare bankruptcy, the debtor has little recourse to collect on monies owed.
An interest rate is the rate at which a borrower pays based on their credit worthiness. A student loan carries an interest rate, set at a specific value, regardless of borrowers credit worthiness, however it is unsecured nonetheless. Sort of like an FHA loan.
If a borrower buys a home with a mortgage note, then declares bankruptcy, and includes his mortgage in the declaration, he no longer owns the property and is no longer responsible for that loan, but he then has no more house. If a borrower buys an education with a student loan, then declares bankruptcy and includes his student loan in the declaration, the government can't take bank his education.
Absolving people of their student loans is not the answer. Fixing the price gouging colleges and universities practice is the solution.