I don’t think he can do that…don’t student loans come from private companies? An order like that would be attacked in courts and I think the companies would win since the contracts were legally signed and the law can’t produce effects for past contracts as it can raise the question of why only active ones and not also ones that were fulfilled? I know this will be an unpopular comment but fuck it. To do that would be a literal redistribution of wealth, which is the opposite of capitalism. That debt is real, it was borrowed and used to receive an education. Professor salaries were paid, and resources were used. What should actually be done is the exorbitant interest accrued on loans that have been paid consistently on time should be reduced to a reasonable level.
So for the remaining 2 million, they’d need to work out a separate deal for private loans, and the lenders may not agree unless the gov buys them back for over principle value or the companies get some kind of tax kickback. Or they’d flat out refuse and the gov can’t do anything directly except provide aid directly to those 2 million.