I have been pissed about it all day. The government should not be in the business of picking winners and losers. What about those that worked a second job to avoid taking on the debt. Then there are those that signed on for four years of military service to earn their way through school. What it does is incentivize those that perhaps took the less prudent path. Our government is expert at bailing out... ie the airlines and the autos circa 2007-8. All the time there was discussion about moral hazard...well here is Uncle Sam in essence bailing out some and screwing the rest.
Funny I was just telling my son, exactly as you said, government prints money but doesn't make money, but they love to take money!
"Money is different from all other commodities: other things being equal, more shoes, or more discoveries of oil or copper benefit society, since they help alleviate natural scarcity. But once a commodity is established as a money on the market, no more money at all is needed. Since the only use of money is for exchange and reckoning, more dollars or pounds or marks in circulation cannot confer a social benefit: they will simply dilute the exchange value of every existing dollar or pound or mark."
Murray Rothbard, Making Economic Sense, p. 274
Indeed, government inflates the money supply and confiscates the wealth created in the productive economy, but it produces nothing people are willing to buy, or at best, monopolizes services people desire in order to justify the rest of its rapaciousness.