Debt cancellation is same as printing more money. Instead of lowering student tuitions and professor's salaries, the proposed debt cancellation will lead to more students taking new loans to support overpaid professors and many questionable expenses.
Beware one-line explanations of complex topics. Lots of people think they understand things like inflation, but they're wrong. My first job out of school was as data and programming support for a group of economists. I wasn't trained in economics but I saw enough to understand that there's a lot to it.
On a related topic, the price of gasoline here in Ottawa isn't far off what it was early in the spring before the price sky-rocketed. So, the world didn't end. The roads here are still full of humongous 3-ton pick-ups trucks on the way to buy groceries. At worst, some consumers had to modify their behaviour a bit for a while.
I've read (or maybe listened to a podcast) about the increase in college/university costs in the last generation. Most was due to increases in administration. They've done a good job getting rid of "expensive" professors and replacing them with temporary sessional instructors. The real price to be paid for that strategy will be realized in the years to come.
