(1) College debt is a good investment if you learn things and graduate, but too many colleges are failing to educate students and too many students end up dropping out with debt and no degree. The good news is that this problem has a pedagogical solution, but it requires many colleges to hire faculty based on teaching skill rather than research achievements. The US is doing some of the world's best research, but too many academics are doing second-rate research at third-rate institutions. Many of those academics should instead be focused on teaching instead of research.
(2) Everyone can benefit from learning new things -- even (or perhaps especially) a liberal arts education -- but many students are attending college to get a credential and land a good job. We should be clearer about what we want institutions of higher learning to teach: life's big questions or job skills? I could imagine a higher education system that does both, but there's no good reason it should cost $50k/year to read literature/philosophy with thoughtful guidance and peer discussion. Maybe our liberal arts educations should look more like structured gap years, while technical education would have specific learning outcomes tied to workforce demand and better information for prospective students about passing rate, job placement rates, and starting salaries so they can make informed decisions about their financial risk.
My final complaint: I've never wanted my student debt forgiven, but it does sting to make student loan payments with after-tax income that goes directly to banks bailed out at taxpayer expense during the recession. If lawmakers wanted to help the student debt crisis, a great start would be making student loan payments tax-deductible (up to a certain total, and only below a certain income level) instead of just having student loan interest be tax-deductible.