Further pandering is not necessary - they've done it all already.

 For the record, there's no such thing as 'cancelling a debt'. 

If you don't pay it, someone else will have to... 

... 

It’s not settled law whether a president can cancel student loans. The traditional perspective says that a president cannot unilaterally cancel student loans. While we have three co-equal branches of government, only Congress has the “power of the purse” and therefore the ability to cancel student loans. In the normal course, Congress, which controls federal spending, could pass legislation to cancel student loan debt. Alternatively, Congress could cancel student loans as part of a broader stimulus package.
... 

To date, most proposals in Congress and during the presidential campaign involved cancellation of federal student loans. That said, the Heroes Act refers to private student loan forgiveness for economically distressed borrowers. That language implies that not every borrower would receive student loan forgiveness. Conceivably, Congress could forgive federal student loans, private student loans or both. The federal government owns most federal student loans, which makes student loan forgiveness of these student loans administratively easier. Private student loans are somewhat more complicated because they are private contracts between borrowers and private lenders. If student loans are cancelled, most likely they would be federal student loans.

... 

So the Fed 'cancels' the loans and eats the balance (in the trillions of dollars by the way), and pays the banks they guaranteed. That then goes on to the Federal debt balance, and you and I pay the bills for these fuckin' idiots who took out loans to be poetry majors. 

 

Brilliant plan. Great way to buy votes Chuck.