He wouldn't even really have the authority as a president either. To cancel debt like that would open a huge lawsuit by companies, which they would likely win. The US government has the authority to cancel debt to itself, but not debt by private citizens to others.
The Federal Student Loans are lent by the bank but guaranteed by the govt. So they can let the student default and the taxpayer would be on the hook instead.
He wouldn't even really have the authority as a president either. To cancel debt like that would open a huge lawsuit by companies, which they would likely win. The US government has the authority to cancel debt to itself, but not debt by private citizens to others.
The Federal Student Loans are lent by the bank but guaranteed by the govt. So they can let the student default and the taxpayer would be on the hook instead.