The USA gets to print a great deal of money and run huge deficits without incurring much inflation (even taking into account the recent inflation event). Why? Dollars are the world's reserve currency. Why? Demand for dollars is high, partially because oil is priced in dollars (petro-dollar recycling). Why? Well Iraq tried to change this, look what happened to them.. you get the idea, it's partially a consequence of history and our huge military helps.
So then it comes down to who gets this extra money. In petro-dollar recycling, much of it goes to defense contractors. I think it's entirely valid to have a discussion on the equitable distribution of this money and arguments that we can not afford loan forgiveness are total BS. The reason the money goes to the rich is because they own congress. It's in their vested interest to keep the price of labor low- one way to do this is to get people deep into dept as soon as possible.