That will be a long wait. Those ex-students will never pay their loans, or the taxes due from the forgiveness of their loans.
Oh, the government will keep them on the hook for taxes, but as long as they vote right, there will be executive directions to the IRS to delay collection efforts.
There might even be tax credits for persons attending approved riots, - err "mostly peaceful protests" against designated Enemies of the State.
You, on the other hand, as a middle-class taxpayer will see armed IRS agents in your home, come to take everything that you have, should you offend the rulers in some fashion.
We all know where this is going.
Next comes forgiving Credit Card debt.