Not sure exactly what he means, but you could argue the money making machine of institutions charging insane tuition to launder government money into private hands will not be interrupted. If students don't have to worry about debt, enrolling students don't need to consider any increase in tuition costs going forward, so those getting rich from the laundering will increase their wealth even more. Jacking up tuition costs will certainly happen after debt forgiveness because who cares, it's "government money".
If student loans aren't forgiven, that high tuition burden which is becoming more visible as years go on as students aren't generating the income expected to repay in a timely manner will need to be adjusted lower.