The article I was reading said this below, and had a hyperlink to the fuller argument, which I've copied and pasted here (https://www.nytimes.com/2022/04/06/business/economy/student-loan-pause-inflation.html) if you want to read up on why/how people are saying inflation can be impacted or exacerbated. Personally I thought homeboy had a good reply and it makes logical sense to me that the impact on inflation would be negligible because Americans are Americans, meaning they are already pumping their student loan payment into the economy instead of saving it and so this forgiveness would be baked into the inflation statistics already more or less:
A recent Morning Consult poll found that more than 60 percent of registered voters were in favor of some level of student debt cancellation. But despite Mr. Biden’s campaign promise, his advisers have been divided, three people with knowledge of the discussions said.
Some view debt cancellation as relief for critical constituencies, said the people, who spoke on the condition of anonymity because they were not authorized to speak publicly. Others oppose it as bad policy or because they fear the economic effects of putting more money in consumers’ pockets when inflation is soaring.