Rather than forgiveness, we should make the debt dischargeable via bankruptcy. It should've never been made non-dischargeable (though it did help reduce interest rates, and enable more people to get them, that also upped the amount schools could charge, and made it so loan officers didn't have to consider the creditworthiness of the applicant, and their plan for repayment). It should be something that passes a need bar before essentially foisting the cost on society, and bankruptcy is a mechanism for doing exactly that.
Use the money toward making public universities free, and expand the public university system, as well as trade schools. That’s really how you save all those future people tied to those tracks.
So, basically, just more trolley victims, or people that decided to risk not being hired for the best jobs that usually required at least a 4 year track-tying, because there was a trolley running people over.