I might be a bit biased because I was dumb about college. I wasn't given any choice in the matter, so I just chose a school that was far enough away that my batshit crazy maternal unit couldn't easily drop in on me. I went to a for-profit school that I didn't know was for-profit and paid waaaaaay too much for a shitty degree with the help of a dishonest lender. I actually owe more now than when I graduated in spite of on-time payments for several years. I'm pretty deep in the hole, but I know I'm far from alone and a lot of people my age are in the same boat. College debt can be crippling even for people who make an otherwise livable salary.
I know debt elimination has upsides and downsides, but I think doing nothing about it and allowing people to stay in massive debt forever is going to have a ripple effect. If millions of grads can't afford to live because of their loans that will never get paid off, it's going to have effects that reach much farther than just reproducing. No one will be able to afford houses, weddings, vacations, new cars, starting up new businesses, pretty much everything will see a decline because people can't afford shit. Apparently if you owe too much, sometimes you can't even rent an apartment because landlords will be too afraid to rent to you! Not that being able to afford kids was ever a deciding factor for most breeders.
It's not just one singular issue - it's several factors. People not looking closely at schools before enrolling. Choosing worthless majors because Mommy told them they can be anything they want when they grow up. Schools using misleading tactics and information to keep people enrolled. Student lenders not having reasonable repayment terms (usually it's private lenders that do this) and also doing dishonest things to keep their claws in borrowers' wallets for life. For example, it recently became public knowledge that my lender intentionally didn't tell people about reduced payment plans and would heavily encourage forbearances, which would ultimately lead to higher long-term payments for short-term relief.
It doesn't help that you need a fucking bachelor's degree to work in fast food now, so college is practically as much of a requirement as high school at this point. Colleges know that, so they just jack their tuition right up. Not to mention the ratio of grads to jobs is very skewed and employers are spoiled little brats anymore who want someone with all the skills of a college grad without the degree so they can pay them less.
If college is such a professional requirement, it should be free or at least much cheaper. But people should also pull their heads out of their asses and make sure they're going to a decent school and not a shit heap.