I'm not convinced it's necessary but it sure as hell is nice. I got through undergrad with subsidized loans and it was nice to not worry about interest while I wasn't working yet.

The private sector does fund some loans but I think the current program just needs re-working. Forgiving all these loans is a no-go so this measure is a step in the right direction. I'd like them to lock down the interest rate to 2% + inflation next. The government does need to incentivize a certain degree of higher education for innovation.