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I can imagine that future barrowers of debt would take on even more debt. Going to college in the future would mean why choose the cheaper college, why live in the cheapest apartment possible or live with parents while in college. Go to the most expesnive housing and most expensive college possible cus who cares the debt might get forgiven.
They could do the same thing for mortgages, car loans, even countries could start demanding debt forgiveness instead of hyperinflating their own currency to repay the debt. The true madness is about to begin. The fiat currency is becoming rapidly more and more toxic. Hyperinflation insures and the path to new era of sound money hopefully follows. Get to the bitcoin lifeboats