A few thoughts.
Student loan cancellation is NOT a popular policy, and polls indicate 76% of Americans do not support it due mostly to it's latent unfairness, especially to those that received and honorably repaid their loans.
However it is true that colleges have taken advantage of the easy money students have access to raising tuition and other fees to ridiculous levels. I mean if you can walk, breath and sign your name you can get tens of thousands of dollars. Why is there no due diligence done like when you apply for a car loan or mortgage?
If a student wants $40,000 to get a degree in European history does anyone seriously think the chances of repayment are great? In commercial lending higher risks applicants pay higher interest rates or are not qualified.
Also what about students needing student loans right now? Will they be required to repay them or will they be "forgiven" also?
I think they could do some common sense things to alleviate the situation such as lowering the interest rate to something close to zero, or look at what some other countries have done like Australia where you simply pay a small tax like 2% of your wages for lifetime. That works out to be close to a zero sum game.
As usually I agree with Judge Roberts on this who has spoken about the unfairness and has suggested that something of this nature needs to be taken up by Congress. So I think the SCOTUS gives this a big thumbs down.