Two things on this one that I don't see elsewhere in the comments.
1) This is both a grab bag of many different forms of debt cancellation (automatically applying it to people who would qualify for programs that have complicated requirements otherwise, like public service which requires a lot of documentation to prove all the necessary years that may have been overly burdensome in some cases, largely worthwhile in my opinion since I support that underlying program anyway and support simplifying its formerly crazy complicated requirements vs for instance cancelling interest on loans that people didn't put a lot of effort into repaying, since most educational loans are at much lower interest rates than other loans to begin with). Not all of these can be discussed in the same terms and part of the "messaging" of the program is that they got to large numbers through many programs and many different avenues.
2) Notice that most of the wording of this press release is "if implemented", "if implemented" because this isn't a program that _has already happened_, it's a bunch of programs that have to individually go through Administrative Procedures Act notice-and-comment rulemaking. Interestingly, notice and comment has a lot of trivial pitfalls that block implementation, lead to litigation, etc, so on average for programs that do get implemented it takes something like 1000 days to implement (most of a presidential term). Further, there's a special period at the end of a legislative term where APA rules can be summarily overturned or cancelled mid-process by the incoming new Congress, and routinely are, particularly when there's a change of party either by Congress or in the Whitehouse. Which is all to say, this is a fun press release amounting to vaporware until 2027, assuming Biden gets re-elected and doesn't have a much stronger Republican majority in one or both chambers of Congress.
I approve of parts, I disapprove of parts, it's all very complicated, but I expect a very small part of this to actually happen, and that to mostly be the easier parts that I like more. shrug Bureaucracy delenda est.