What would the economic impact be if all student loans were forgiven?

Depends if they are forgiven or just paid off by Uncle Sam.

Old Testament, real wrath of God type stuff.
Fire and brimstone coming down from the skies! Rivers and seas boiling! Forty years of darkness! Earthquakes, volcanoes...
The dead rising from the grave!
Human sacrifice, dogs and cats living together... mass hysteria!

A crippling sense that the world is unfair would creep into the actual productive workforce, hastening our slide towards Gomorrah.

Not sure. But wouldn’t be upset at having $1200 a month to invest in the economy instead of going to the guvment

Depends. Are you also cutting off the access to easy federal money and the ability to amass mortgage-sized debt before the age of 21 when you do it? Or are we just gonna do this again in another 20 years?

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Forgiving the loans but doing nothing to solve the underlying issue is just a temporary bandaid

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This.

Plus, too many people think only of the people who owe money on student loans, but every dollar owed is a dollar on a lender’s balance sheet. If that balance is wiped clean, those lenders will likely collapse, and not just the government made lenders like Sally Mae, Fannie Mae, and Freddie Mac. What you would be looking at is 2008 Housing Crisis all over again with banks collapsing due to unpaid student loans, then those student loan-based securities collapsing in value causing a ripple effect that not only wrecks the financial and education industries and the stock market, but 401k’s, IRA’s, and pension plans as well.

I'd love to see a world where there were NO student loans backed by the govt. Then these universities would actually have to come back to Earth with their prices. They're out of control now with all the 'guaranteed' govt money being siphoned to them. They don't even give a crap about educating or providing anything quality as long as they can continue raking in that sweet govt money.

It's criminal to give 18yr olds the ability to get into debt that will take them 20 years to pay off. But damn near anything the govt does for wealth distribution is criminal anyway. But the Karens of the world will tell you it's perfectly acceptable to go $200,000 in debt just to end up with some liberal arts degree.

I can't imagine dumping $1.6 trillion worth of government backed debt would do anything positive for the market, but then again, we've got Democrats wanting to pass another no strings attached stimulus package 2-3x that amount so it may not even make a difference at this point.

One "unintentional" consequence of this would be a complete undermining of the idea of personal fiscal responsibility. Which is why Leftists/Democrats/Statists/Socialists favor it.

For instance, why did I save $300 dollars a month and squirrel it away for two decades for my kid's education and drive an old beater car and skip vacations and make sacrifices if the government was just going to swoop in and pay for everything?

One inviolable truth, is that if you subsidize something (not being fiscally responsible, dependence on government etc) you get more of it. All this does is make people think government is Santa , which is the real goal here; Increasing dependence on the government. This shift in thinking ends very poorly for America.