This is not by any means an easy thing to do. Even if Biden does this through executive action, special interest groups will try to block it through the courts, leaving borrowers in limbo. But it looks like he's going to do something by the end of the summer. Via CBS News:
President Biden is looking at different options to forgive an unspecified but substantial amount of federal student loan debt — a move that would thrill some of his most loyal supporters and financially strapped students nationwide, but is a departure from campaign pledges to provide limited relief.
The president shared his plans during a 90-minute White House meeting Monday with members of the Congressional Hispanic Caucus, participants in the exchange tell CBS News. The move could affect more than 43 million borrowers who hold more than $1.6 trillion in federal student loan debt, the second-largest debt held by Americans, behind mortgages.
Those who attended the meeting say Biden hinted at going even further than his campaign promises:
(Rep. Tony) Cardenas said he reiterated to Mr. Biden that the Hispanic Caucus supports executive action that would forgive at least $10,000 in college debt if Congress can't pass legislation doing so.
In response, Cardenas said the president "smiled and said, 'You're going to like what I do on that, I'm looking to do something on that and I think you're going to like what I do.'"
[...] When Hispanic Caucus members mentioned student loans, the president said he's asked aides to explore his options — a signal to lawmakers that he may be willing to go farther than he pledged during the campaign.
"They're looking at different options on what they can do. On forgiving it entirely. That was our request," said one of the lawmakers in attendance, who asked for anonymity to speak frankly about the meeting.
Americans have been well indoctrinated that government should not help people, which is why we see a backlash: "I paid my loans, why shouldn't they?"
Mostly because with the usurious interest rates, student debtors are paying back as much as 300% on those loans. Would you put up with that with a car loan?
And because 40% of student debtors never graduated, leaving them in the worst of both worlds -- crushing debt without the financial bump a degree would give. That's why.