The President does not have the legal authority to forgive student loans on his own. Only Congress has the power of the purse. Executive action can be used only when it has been specifically authorized by Congress.The executive branch cannot spend money that has not been appropriated by Congress, per 31 USC 1301 et seq (Antideficiency Act (P.L. 97-258)) and Article I, Section 7, Clause 7 of the U.S. Constitution.
Why did Pelosi say “the president can’t do it.” She said that because the president can’t do it. Why did Pelosi say “that’s not even a discussion”? She said that because everybody knows that the president can’t do it. Why did Pelosi say that this was a matter for Congress? She said that because this is a matter for Congress.