Trying to eliminate that much student loan debt using an executive order was such a fool's errand doomed for failure I doubt it was ever done in good faith. It's easy to do something you know won't fly and then say "hey, I tried!"

Want to give the middle class of America a break? Cut their taxes. Eliminate them entirely. Will you have to cut spending to avoid snowballing debt? Yes, probably, but at least that will actually work.