To an extent. It's not like everyone who had their loans forgiven was paying them before the pause anyway. And the vast majority of people haven't been paying the past two years anyway. No money is being created to forgive this debt, the Federal Government will just stop collecting money that had already been given to the universities. Sure, there will be a trickle of new found spendable money entering into the economy over the next few years, but this isn't going to be some huge new cause for inflation.
It's a little more than $300 billion spread out over a long time. Terms on these loans were decades long. Someone getting $10,000 forgiven on a loan of 20 years gets like $40 extra a month to spend. That $40 may well already have being spent anyway and now that person gets to go into $40 less debt each month. In the grand scheme of the economy it's literal drops in a bucket.
