Truthfully, an executive order to pay off student loans is only an idea because there is no assurance that it will be funded. A process must be completed for the Executive Order to be complete. Anything promoted otherwise is simply politics, not reality.
Another point is that even a bill is passed and funded, the amount forgiven will not change your monthly payment unless part of the bill designates recalculating the monthly payment based on the new balance. IF forgiveness occurs, it is likely only to reduce the length of time borrowers have to pay back their loans and the amount of interest paid over the life of the loan.
All of the proposed remedies to reduce the amount of debt owed student borrowers will usually take months, if not years, to go through the process of becoming law and being funded by the CBO.
So, What Should You Do?
Don’t bank on receiving relief before your payments are due. Practically speaking, you have three options: