As many people have said, what does this do? It does absolutely nothing to stop the problem, which is the runaway cost of tuition at any school. Even state schools are getting out of hand. UB is around 10k per year now and that’s sure to rise rapidly. 10k per year means the potential of 40k in debt after your undergrad. And that’s at a state school. Reduce the amount of loans available to all but the poorest students and see how quickly that school price comes down. Tie the loans into job marketability where the school foots the bill if they misrepresent job prospects. Do something, but not this. At least not debt cancellation alone. If it was accompanied by any sort of plan to fix the actual issue then fine. But this is just straight pandering to voters by buying them off, which was illegal the last time I checked.
A far better option that I’ve been saying for years is just set all student loans at 0%. That way the students take what they need, pay back what they take, and don’t have to pay exorbitant amounts of interest.