technically it is destroying money due to the way loans are treated on bank balance sheets.
a loan is an asset to a bank and a liability to a borrower.
forgiving a loan destroys it as an asset (money-like) and causes deflation from a money supply standpoint even if it does increase the buying potential of a borrower.
Since all federal student loans are still in payback pauses for covid this will have negligible effects
compulsory education is hardly an incentive to child bearing. if anything those who have kids wish to decide what is best for kids without state compulsions