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The Supreme Court rejected it because the method was blatantly unconstitutional regardless of any merits of the policy. Biden could have worked through Congress and maybe sought a compromise for a one-time amnesty for debt holders in exchange for making universities have skin in the game in the future. Require them to teach marketable job skills and help get alumni hired into promising positions instead of spitting out worthless bullshit degrees and collecting cash. Or at least make these loans more easily dischargeable through bankruptcy as DeSantis proposes.
But any of this would require having a functional government instead of the bought and paid for pack of assclowns that comprise the majority of both parties.
This is Kurara