It would fix student loans for good and leave universities without sucker first year students.
Do you realize that the Federal Government is the only entity in the United States making student loans today, due to an Obama administration initiative. Grandparents can mortgage their home to pay for college education, but the only one making loans explicitly to pay for college is Uncle Sugar. Biden was not proposing forgiving grandparents second mortgages, only "student" debt held by the United States government.
I went to UMASS. Watched career students, grown men and women, just pile them up to get another degree. While in school, payments are deferred. They just took out more.