No. It doesn't punish those people who paid earlier because those people fare no differently in the world where we don't retroactively forgive loans and in the world where we do retroactively forgive loans. It doesn't benefit them either but unfortunately this is a society level problem, we need to move beyond individual level thinking to solve it.
I'd also like to point out that the later people went to school, the more they paid. On average, at least. The burden that debt brings is becoming more and more as time marches on and we don't fix this problem.
