This assumes a check is mailed or that everyone intends to pay back their loan. They either have 10k in new money or are "saved" from spending 10k in future mon

This assumes a check is mailed or that everyone intends to pay back their loan. They either have 10k in new money or are "saved" from spending 10k in future money. This will not turn into consumer spending if the debt is just "erased". People who can't pay their loans don't have money to spend elsewhere.