The main problem with these programs is that you're not actually solving the problem. You're just kicking the can down the road by excusing debt without reforming the process that allowed it to be a problem in the first place.
Naturally, the socialists will just say like... the five year old children they are... "just use public money"... which naturally is as infinite as inflation is a myth.
However, what needs to happen is that the scale of the loans must be reduced to what can credibly be repaid. And it must not be raised above that that threshold. Period. Otherwise it isn't a loan, is it?
Then people will say "but then they won't be able to afford X". Incorrect actually, the loans are creating the the cost inflation in the first place. The more you offer the higher the universities charge. So it doesn't matter. You lower the loans and they'll have to lower rates or the universities themselves will go bankrupt.
Further, universities professors are paid if anything less than they were in the 1960s whilst college fees have increased at least by a factor of four times. Four times at least adjusted for inflation. It isn't going to the professors which are the only part of the education that really matters... where is the money going? You know where it is going. An infinity of waste and corruption.
So. Lower the loans to what is credible. Then insist upon reform in the universities themselves. We can put a lot of pressure on them by making it easier to use automated classes. These have a bad reputation but that reputation is promoted by the universities themselves which naturally have a conflict of interest.
We are tech people... this has a tech solution. There is no reason why a college education has to cost even as much as it cost our parents much less four times what it cost our parents.
This is insane.
And a bailout of existing loans is not a solution.