@eoten: Countries that treat higher education more as a public good due tend to see a lot of benefits. I suspect you don't care about this though.
You are unlikely very to pay anything for this particular program however. The money is already out the door; this is a matter of the federal government passing on future revenue. That revenue would equate to 300 billion, collected over a decade, if not longer. The actual amount may be lower than 300 billion given that some would never be paid back due to default/other forgiveness plans. So in all, >$30 billion on an annual basis, which is a trivial amount compared to the $4 trillion collected in annual revenue.
I really don't believe Conservative objections to this come down to a concern for fiscal responsibility or a concern for fairness in taxation though. I seem to remember a lot of celebrating after Trump passed a tax cut that netted individual billionaires hundreds of millions of dollars...
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