Larry Summers and Jason Furman have criticized the cost of a potential student debt cancellation

See Biden’s Student Loan Forgiveness Plan to Cancel Up to $20,000 in Debt for Millions by Andrew Restuccia and Gabriel T. Rubin of The WSJ. Excerpt:

"Economists say that a tailored debt cancellation plan is unlikely to exacerbate short-term inflationary pressures, but could add to them in the long term, especially if universities continue to raise tuition because students might expect their loans to eventually be canceled.

Even some economists usually aligned with the White House, including former Clinton administration Treasury Secretary Larry Summers and former Obama administration economist Jason Furman, have criticized the cost of a potential student debt cancellation and warn that it could force future spending cuts or tax increases."

See also an article by by Julia Carpenter and Gabriel T. Rubin. Excerpt: 

"In addition to the loan forgiveness, the president will also be extending the pandemic-era student-loan pause on payments and interest through the end of the year. The measure began in March 2020 and has been repeatedly extended since. The Federal Reserve Bank of New York estimates the pause spared borrowers nearly $200 billion in payments during this period."

"Most student-loan borrowers owe less than $25,000 on their loans as of May 2022, according to the Federal Reserve."

So most students don't need any help with such a low total.