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Since the length of time to find a "real" job after graduation is getting longer and longer (last I heard it was around 9 months and that was before the more recent downturns), I could see them deferring them longer, or not charging interest while one is laid off, or making some measures like that. But completely forgiving them seems counter productive. College grads are still in a much better position than non college grads. As we're moving away from manufacturing, it's the non-college grads who need job training, etc.
I'm getting kind of tired of hearing people who have two working adults (spouses, whatever) in the home saying "Where's my bailout?" because, in reality, they do not need one! If they do, it's because of their own irresponsibility. I don't need a bailout at this point in time. I believe my job is pretty secure. I spend carefully and save carefully. I'm paying a boatload more in taxes for 2008 than usual because of inheriting IRAs from my mom. I don't expect a handout for no reason just so that I can spend frivolously.
Having programs for people to re-finance out of insane mortgages is one thing. Forgiving loans for those people who are in the best position right now is just silly. That said, I do think teachers who are paid less than $60K or so should get reduced student loans, even on sliding scales for working in various difficult geographic areas. Nurses too, and probably some other "critical need" type jobs. With the shortage of general practice physicians, they should probably qualify too.
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