He's said he's prepared to write off $10k per borrower but said he's unsure of his executive authority to do so. And yes, his proposals say he needs Congress to act. Psaki said it this week.
But we all know Congress ain't going to pass any broad forgiveness. We see what's going on with the BBB Act right now. The Dems can use reconciliation again in FY22 and even again in FY23 in the Lame Duck post-midterms (especially assuming a Dem wipeout).
Anyway, its good they've done the targeted forgiveness. No one should dispute that! But those moves show they have the executive power already.
One other thing they could do if they're so scared, is just postpone payments and interest forever