If a high rate of inflation occurred with wages and prices skyrocketing it might be easier for people to pay off mortgages and student loans. For sure inflation would not be good to people on fixed incomes. Contracts written at a particular pre-inflation price could be paid off with inflated dollars. Since the Fed hates inflation as apparently do the rich, because perhaps, capital usually increases faster than wages except during periods of inflation (I believe), it’s unlikely to happen.
It is interesting to compare bitcoin inflation or value with that of a dollar. Inflated bitcoin value is regarded as good, while that of the dollar is bad.