This is of course a complete fraud. The president has no authority to absolve debt.
The foundation of the decision provides forgiveness to the profligate and punishes those who have acted responsibly. It is more coddling of the derelict, encouraging a society that celebrates incompetence.
Why should Biden NOT reward dereliction? He is to be clear the very model of incompetence.
There is some vague wording in a 2003 bill that says department of education can forgive debt during an emergency. I guess they are still using coronavirus as reason. The gift that keeps on giving.