Cancelling student debt is an example of a moral hazard: https://en.wikipedia.org/wiki/Moral_hazard It sets a bad precedent and merely encourages other people to borrow money in the future, but does not solve the underlying issue of college costs. It also subsidizes unemployable degrees.

Promises to wholesale cancel student debt is populism. More specifically, it is left-wing economic populism that panders to the young upper-middle class for their votes. (Interestingly, Federalist Papers Number 10 predicts populist demands to cancel debts 200 years ago.) It's worth noting that Biden's plan, which cancels debt for people below a certain income, is somewhat more reasonable.

However, I do think that college expenses are a real issue. Education is important in society, and college is also a way for lower-class people to move up the economic ladder. Precisely because people can borrow money, colleges are free to charge exorbitant prices. Colleges then expand with amenities and market a lifestyle rather than a place to learn. They also expand with administrative bloat. I think colleges should be held accountable for their rising prices and where the money is going.

P.S. Jonah Goldberg has more writings here: https://thedispatch.com/people/4350832