You may have misquoted me and probably did not understand the history behind student loans.
Prior to Bush's second term in office, most student loans were privately financed so they were not capped at the 10 year treasury rate plus 2%. The lenders had to consider the risks of defaults and forbearance and get insurance against those losses, so even when the 10 year treasury was around 5% (not that it mattered as the rates were not tied to the 10 year), we were still paying a 10% interest rate, which was completely reasonable given the fact that I had no collateral and no credit history. The rates also used to be variable.
Now, if my understanding is correct, federal student loans are based off of the 10 year treasury at the time of borrowing and set at a fixed rate that is 2.05% higher. That is a phenomenal deal on a loan with no collateral and no insurance.

And on Gen X in general, they did not present any of these issues. The cost of education was higher in real terms, when the graduated they made less in real terms than people graduating now in real terms, yet the tax brackets that they went into took more of their income. They paid higher interest on the loans, and when they went through the recessions of 1990s and 2000, there was no help given to them. There was no stimmy checks or loan deferrals or extended unemployment benefits. There was no giant tax credit for first time home buyers or for having kids in day care. They were expected to be adults and handle their affairs.

Everyone always knew that the baby boomer retirement crisis was coming and entitlements would grow to cover the costs of the growing elderly population. But I don't think anyone saw the giant entitlement class that would grow in young people as they sought to delay adulthood for as long as possible. Our entire civilization is built on the idea that young people are supposed to grow up and bear the mantle of responsibility because they are young, strong, and their minds are still sharp. I am not aware of any time prior to recent history where the young generation entered the workforce and expected to receive government entitlements. I am honestly not sure if this ever happened in human history prior to now. And honestly, this is what I think so many people actually find revolting about the whole idea. It's not just the overall cost, it is the fact that we are giving this away to the people that are healthiest, have contributed the least to society at this point in their lives, and have their whole adult life ahead of them. Most of us would kill to go back in time and be in their shoes, debt and all.