Remember when Obama said he had a phone and a pen?
Maybe Biden remembers his old boss saying that, and thinks he can take executive actions whenever he wants????
Or maybe this is just a crass political move, to buy some votes in an election.
Certainly, that's part of it. Of course, Biden and the Democrats don't care whatsoever that it's inflationary. And they don't seem to worry about losing the "working class" vote, since this action would force a plumber's daughter to pay towards the lawyer's son's college education. And the plumber's daughter may very well be smart enough to go to college but without a means to pay for it.
Even if the courts strike it down (fairly likely) Biden can blame those mean ole Republicans.