ckI think the idea is it will boost the economy. it will free up some people to be able to buy a car or purchase a house etc
I get the boosting the economy part, but why not then pay everyone who already paid their student loans. If I get my money back, I can buy a car or a house too. So why just cancel them for some people? I didn't buy a second house or a second car or nicer clothes because I had to pay my student loans. The people who are really struggling to pay their loans can always defer the payments penalty-free.