I disagree for several reasons.

1) Those with loans are not elites. Elites have their parents pay for school, they don't need loans.

2) budgets for public colleges have been annihilated over the last ~20 years. State governments used to pay a much larger share of tuition. Bailing out students loan debt would pay some of this gap indirectly

3) student loans cannot be discharged in bankruptcy, unlike any other type of debt. "Debt slavery" is real. I know people that have permanently fled the country because there is no other escape from crushing debt.

4) Democrats are very limited in what they can do for relief. With Republicans stonewalling the Senate, they're basically limited to direct one-time payments. It's basically this or nothing