Just because we can doesn’t mean we should. Canceling all student debt would be very skewed in the direction of helping the more wealthy and privileged. A more targeted and means-tested approach would be better, for making sure those who are in need get help while those who can more than afford to pay their own way will be responsible for themselves. This is the direction Biden will likely go, which will of course piss off wealthy Brooklyn socialists.
I agree all those millionaires and billionaires taking student loans at several percent above normal interest rates shouldn’t have their loans forgiven. But everyone else… Seriously, student loans are another way poor people get screwed and the middle class is stopped from becoming stable or upper class.