There is a much better way, let student loans be dischargeable in bankruptcy and have claw backs on the colleges that got them into debt in the first place.

Loan forgiveness w/o structural fixes is a complete waste......and a slap in the face to people who really struggled to pay off their debts. My wife and I paid off over 170k of student loan debt while raising kids and it was horrible. We have a few more payments left, but we are mid-40s parents who are still renting b/c student loans made it nearly impossible to accumulate wealth.

Most of this debt is bad debt and needs to be wiped out, but it should be through bankruptcy and the colleges that saddled people w/ 100k in debt for economically non-viable degrees should have to feel some pain