Careful. Aid to students isn't something we can turn around and spend on something else when prices go up. That is a very different dynamic than "dollars I can spend like anything else". People bidding on status symbols with someone else's money, versus people trading off their various wants against each other from their increased-but-still-limited pool of resources.

I think you would still see some inflation as typical demand for the marginal dollar falls, even if you don't increase the total number of dollars, but it wouldn't look like student aid.

For the record, I support a low (certainly <$15k, probably closer to half that) Basic Income.