There are the usual obvious difficulties: first, how that debt not held by the government will be dealt with, and second, that the economic consequences of that debt forgiveness need to be weighed against whatever stimulus will be generated by freeing up the cash now dedicated to servicing that debt. And lastly, where the money for this magic new program will come from if the government makes the current debt vanish in a pen stroke.
That's the real trick. Forgiving the debt is the easy part. Constructing a new program that will meet students' needs without increasing their debt will involve restructuring what the money is paying for at the moment, which is not only tuition and fees, but also the administrative support necessary to work the expanded loan programs themselves. Were colleges able to fire the staffers whose jobs are currently dedicated to government regulation a good deal might be saved, but they'll be the last to go. And the hit before them will fall directly on the faculty and programs that are the University. In short, education will be cheaper because it will be worse. That magic one-step solution the author is selling with a promise of another solution to follow is pure snake oil.
If the government were to completely separate itself from education the Free Market would take care of the rest and college tuition would plummet and raspberry unicorn courses and majors would largely disappear.