When politicians decide to “forgive” debt, they give people an incentive to borrow more and to borrow less prudently. For the same reason that people’s menu choices change when someone else is picking up the tab at the restaurant, so too would students’ and parents’ behaviors change if Warren forces someone else to pay the tuition bill.
Source: Beware the Incentives of "Forgiving" Student Loan Debt - Foundation for Economic Education
Sure, the government forgiving debt certainly incentivizes the wrong kind of behavior but it's worse than that. It's fundamentally unfair. Some people work extremely hard to put themselves or their children through college making many sacrifices along the way. Others waste their money on frivolous things or otherwise make unwise choices. I'm not saying everyone who accumulated student loan debt falls into that category. Obviously that isn't true. But how is forgiving debt fair to those who worked extremely hard and made many sacrifices to avoid or payoff their student loans? Especially when some of those (many I would imagine) that accumulated student debt didn't? Especially when it is in part their tax dollars that is paying off that debt?
Forgiving debt doesn't mean it magically goes away, it just means someone else is taking on that burden. Supplies, buildings, teachers, etc. all must still be paid for and those that busted their asses staying out of or paying off debt will be among the taxpayers paying for the debt forgiveness of others. Taking on student debt is a choice. Now some want to force others to pay for it? I call bullshit.