I think loan forgiveness is great. I saw a similar situation on 60 Minutes.
In a way, I hate to say it, but who is this benefiting? In many cases, people who have financial support already.
Jeffrey Sachs has thrown out a number that would eradicate world poverty, and frankly, it's not that much:
Jeffrey Sachs, as one of the world’s leading experts on economic development and the fight against poverty, stated that the cost to end poverty is $175 billion per year for 20 years. This yearly amount is less than 1 percent of the combined income of the richest countries in the world, and only four times the United States’ military budget for one year.
Ending poverty is possible and at a low cost. Now we just need ordinary citizens as well as multinational corporations to start meeting their responsibilities to help the poor and the left behind.
Source
I am not criticizing people who pay off student loans, by any means. But a piece of me wonders why a billionaire paying off the loans of medical students warrants a 60 Minutes segment, whereas the sacrifice of many people who live simply so that they can give to the poor and destitute goes unnoticed. I was going to provide one example, but there are so many examples of selfless people working to better the lives of the poor in every city and town. They are my heroes.