Unlike the nexus between the pandemic and a temporary payment moratorium, the logical connection between the pandemic and permanent debt relief is fairly shaky, which means you could rule against the students on the merits without invoking the vague, arbitrary, and generally odious “major questions doctrine.” The standing question is quite another matter, however. No Supreme Court with any sense of legal propriety would say that there was an injury in fact to any of the plaintiffs in this case.
Do I have any confidence that the Court will rule this way? None whatsoever! The Court is itching to blow up every Biden administrative initiative that makes any difference in the lives of average citizens. That means, inevitably, that Supreme Court reform will be on the menu during the 2024 election, because the left is in office, but not in power.