Student loan forgiveness must target the needy. Profligate collegiate spenders must pay the piper.

Attacking “waste, fraud and abuse” is a common promise made by both parties, but too often forgotten after the campaigning is over. On the touchy issue of student loan debt forgiveness, President Joe Biden can hardly afford to forget.

On the one hand, everyone knows that debt from student loans is raging out of control. On the other, Democrats don’t want to further compound their popularity problems by forgiving Ivy League tuition for elite big spenders while dinging those who chose to live within their means at college, or who...