Not only that, but if those degrees really racked up $300,000 in student debt, the government deciding not to collect $20,000 is not letting them off the hook for their student debt. It's a bare minimum easing for them. Most of the students who qualify for the releif have already paid far and away MORE on their loans than they originally borrowed. No one is losing anything.

The best explanation I've seen: Gerry has two friends, Tom and Mike. He loans Mike $100. Mike pays Gerry back $75. Gerry then tells him not to worry about the other $25. – Gerry forgives the rest of Mike's debt. Tom loses NOTHING by Gerry's forgiveness of Mike's debt.