It’s unclear if this memo has been finalized or presented to the president for review. It’s also unclear what recommendations are included in the memo or whether such analysis will be released publicly. Therefore, absent the U.S. Department of Education advising the president that it’s lawful for the president to enact wide-scale student loan cancellation, there’s no clear legal path for the president to act. Importantly, even if the Education Department says the president can proceed with student loan forgiveness, there’s no guarantee that Biden will cancel student loans.
Biden could still disagree or weigh other policy and political considerations that could dictate an alternative course of action.