I'm not individually debating issues with you because we can just agree to disagree. But how about the actual economic arguments rather than the optics?
The govt owns over a trillion just in public debt, most of which is student debt. That's a big asset for the US! But, they don't recoup anywhere close to that amount. They lose $40BN a year just administering the debt, then a further $150-250BN a year based on fair value estimates! It's like 36% of the assets the govt owns.
Cancellation would have a meaningful stimulus effect as measured by GDP and employment and only moderate effects on the federal budget deficit, interest rates, and inflation. It's the fiscal conservative play, and addresses concerns over skyrocketing cost of education.