RE: out of their control and currently they are unable to pay, …will become a skilled worker able to pay taxes.
This forgiveness plan covers much more people – most of them were in control of their actions and, apparently, did not become skilled workers. This, as already ongoing forgiveness for working in desirable positions, such as government, is de-factor re-distribution of wealth from working people to university administrators and non-profit/government sector workers
As to “stimulus” effect – this is stimulating the wrong people, who will now advise their children to go get a “free” degree in “gender studies”.
One reasonable solution is to tie degree-producers to the loans, either as co-signers on the loans (defaulting loans are paid by college, not taxpayers), or by using direct contracts lehathila – you will pay for college in the future as a percentage of your working salary. The latter contracts exist in a couple of places already.