If Joe Biden signed an executive order tomorrow, the government won’t pay out a dime – federal student loan debt is already included in the national debt
Bank loans create money, canceling banks loans simply deletes the money from existence. The only thing lost is the future interest payments the banks would have made on those loans. And they will do fine without, thank you.
Source: Conservatives claim canceling US student debt will be expensive. They’re wrong | Indigo Olivier | The Guardian