How much do you really think this is taking out of your pocket? You are paying for others all the time with your taxes, which can’t be selective for the system to function
If the 1.6 trillion in debt was divided evenly among every human in the US it would be 4k. If we’re ball-parking and say that the top 20% of earners would foot the bill it’d be about 64k per household.
You can't practically quantify this. If we forgive current loans, you could assess a dollar value - but what you can't do is project what those individuals will do once that debt is forgiven. Buy a new car? Take out new loans? Shopping spree? Or what precedent it sets for the public contemporaneously. Or what precedent it sets for the future. What we're not doing is working in a vacuum.
It's the principle that matters. A society that rewards bad decisions and punishes (or ignores) good decisions is bad and we should not allow our society to be like that.