I'm not sure that the effect on the US economy, student loan forgiveness can boost consumption and boost short-term 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 long-term 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.
The truth is that student loans are not a good way for both the student and the economy and at that we should arrive at a better alternative to sort students financing and this can have a more positive impact than student loans and just as you said, for president Biden to have forgiven the students loans and it points to the more negative reflection of the increase in students loans defaults.
I also heard about some other countries trying to adopt the student loan policy at first students may see this as good support for the tuition and other expenses, but then if the government really want to provide relief or support for the student it shouldn't be based on as a loan or any form of a mortgage.