It's not about a competition of loss; you're correct. But it's simply an expensive and unfair plan to forgive the debt of those who have it, without regarding why they have it. Either we take a more refined plan about how we forgive student debt, or we simplify even further and just give stimulus checks to everyone without any conditions.
Because the money comes out of everyone's pocket. How about free healthcare for more people, free child care so people can go to work etc etc? The govt can't just issue new dollars indefinitely, so there's a cost. I understand that colleges are very expensive and loans have made it even more expensive--just sign here and see you in 4 years. But since the money is coming out of the pooled money we have to think twice and consider everyone's problems.