I'm not sure that the effect on the US economy, student loan forgiveness can boost consumption and boost shortterm economic recovery, as students will have more money to spend and invest in the future. But be aware of the fact that this can have a longterm negative effect, by creating a signal that the loan is forgiven, leading to an increase in the value of student loan debt in the future.
And the story that they may be good once but they have done bad many times and not entirely sure of their machinations after that, but honestly I am not a fan of the current US and Biden administration, With a new election coming up, it could also be part of a plan to gain public confidence.