Excerpt:
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It is unfair to those who sacrificed to pay off their student loans and it’s unfair to those who foot the bill.
It is an upward transfer of wealth. The plumber pays for someone else’s college education.
It encourages going to college when there might be better choices such as learning a trade. And It creates incentive to take on new student loans.
It is blatant election year bribe to college students and college graduates.
It creates creates a moral hazard for college administrators to sell useless degrees creating another overhang of new student debt.
It creates a moral hazard for students who might feel that their debt should be forgiven in the future
It subsidizes poor decision-making such as majoring in useless degrees including gender studies, anthropology, archeology, art history, music, culinary arts, fashion design, philosophy, etc.
The president has no power to forgive student loans. Doing so creates another precedent for presidential rule by decree. This is too big a financial decision not to involve Congress. The current student loan program was authorized by Congress and contains no such authority to the president.
Biden is openly flouting the Supreme court, another dangerous precedent.
Free money is highly inflationary.
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Addendum

I left out a key point. . As a Senator Biden sponsored a law that made it so student debt could not be discharged in bankruptcy.

Then he was buying donations from the big banks who run their credit card operations out of Delaware. Now he is buying votes."
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That's why I have called the lying sack of fertilzer Buydem since 2020.
Take him and all his administration staff to Gitmo for an interview. Then a military trial for treason and public execution of all the guilty, and a reversal of everything done by the tyrannical scum since 2000.