This is probably entering conspiracy theory territory, but I have a strong suspicion that the only reason some senators pushed for $50k student loan forgiveness is so that those who campaigned on student loans could say that's way too much, shrug their shoulders and say that they tried but couldn't come to a compromise so they don't have to do anything at all.

1. People refuse to have an increase in taxes, even if it's for the rich because they for some reason think richer rich will somehow trickle down to the poor (it doesn't).
2. The people in charge are bent on treating university like a business, so any decision that means they'll make less money is a no go for them.