Thanks for your comment!
Whether it is the right thing to do depends on the outcome you wish to obtain. In terms of stimulus - spurring demand to offset the lower demand from "wait-and-see" behavior and lockdown-induced layoffs - giving stimulus checks, maybe even to people with income below the median is a lot more effective.
It has to be said, that most of the student debt is held by people who aren't crippled by it. Most of the debt is held by households with high income, so forgiving debt will mainly benefit those who are already in the top of the income distribution. You can see why on the following link:
There are already some reduction/forgiveness measures in place for people whose personal finances are severely harmed by it. But there is for sure some room to improve the functioning of the student loan system.