If they completely cancelled it, they'd have to tax the rich to offset the inflation. And therein lies the problem...Never going to happen.
Even with a $10,000 waiver, expect the lower-middle and middle class to pick up the bill i.e. the very people getting that waiver in the first place.
The entire system is broken. What America needs is a total revamp of the education system. It doesn't need to cost a fortune. If Europe can do it, so can they.
After all, even if one generation gets their entire debt written off, the next one is still going to be screwed.