Could be, but it makes a lot of assumptions and is loose with terminology. Monetary inflation does not equal price or wage inflation necessarily. We are definitely seeing price inflation which no longer seems to be transitory. There does seem to be wage inflation, but that is not guaranteed. So while if wage inflation keeps up for those holding debt, then yes. I wonder though if those in the position of student debt have the least leverage to take advantage of the wage inflation.

The other thing is that costs go up. The impact of this is much greater if you are poor which could also affect your ability to actually pay the loans. One has to eat after all.

So imho, it's a lot more complicated for an individual. Sure for a corporation that borrows tens of millions for a new capital expenditure it makes debt cheaper. But that may or may not translate to someone that is poor and paying off debt.