I feel where you are coming from here too. I saw a lot of kids during college that I felt really overborrowed well and beyond their tuition and reasonable expenses just because they could and they did not have any handle on the reality of their future debt. I would see very nice off campus private housing/apartments, very nice private purchases for items, and of course lots of beer and pizza and party money with no other income or any type of side work to offset anything. (I mean a LOT of beer expenditures, lol) But I also saw kids working at different jobs during school, waiting tables (I did this too), retail, campus jobs, and juggling everything with school. I think I could be open minded to examining the utility of looking at some type of tuition plus reasonable educational expenses metric (a % is probably a reasonable attempt at just that) and how that would benefit our society on a macro level versus just allowing all loans entirely being forgiven.
I'd potentially personally benefit from this kind of policy in theory if it goes that far (I don't think it will ever will personally) as I borrowed well over six figures for seven years of school but I'm not sure how I feel about it as I feel it was a good investment for my life. I was also very lucky to receive a tuition scholarship for my sixth and seventh years of school (2L/3L years or I might have hit close to 200k perhaps) but I still borrowed a little for living expenses and then the four years prior tuition plus, etc. I chose UT versus other options like Rice/Duke type tuitions when starting college to be intelligent about my financial reality (parents are not well off at all), and also had to work at a giant corporate law firm longer than I would have liked to pay off debt. If I saw others making much worse choices for their life given my same situation, how would I feel if I saw their debt forgiven and I had sacrificed at this kind of job to make sure to pay off my debt? I'm not sure I'm feeling great about that at all, but I am the type that can often be dispassionate about my own reality if I see the positive utility of something on a larger scale, so maybe it's not a big deal to me. Not sure...
I actually wish there was much better counseling and information about the financial realities of debt for 18 year olds because my impression with so many of them was that they literally had no clue.
Also, so much incentive to give out a loan (can't discharge them obviously so it's a great debt to hold) versus being more restrictive about handing out that money. That's a big problem right there. It's been a little while for me now since borrowing (over a decade) money, so not sure if loans are better at verifying say housing costs, etc.