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Well, forgiving a bunch of debt without fixing the problem isn't going to stop the leak. You can fully expect that bailing out debtors will result in lenders offering riskier loans they expect to be forgiven. With schools turning into a debt-selling industry, buying that debt from private lenders using public money would be robbing not only the tax payer, but also the next generation of the opportunity for an education. You can't buy your way out of problem that isn't caused by cost (hint: greed).
All that to say, there should be debt caps on education before any kind of broad forgiveness. Or just federally subsidize up to a certain amount and then no one will go to pricier schools except those who can afford to without hardship.
Just let graduates file for bankruptcy. Debt caps will probably just have even more 'unforeseen' bad results.