Feels like they were keeping this card in their sleeves for when they needed a popularity boost.
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I would be surprised if there is not some string attached to this that doesn't take place until after November. That's a good thing though, becuase it was seeming more and more like the current administration was sabotaging itself. The Democrats need the youth vote.
https://iop.harvard.edu/youth-poll/47th-edition-spring-2024
Young people always have bad turnout anyway, so it doesn't matter if they find a new excuse to have it.
(Also they did do student loan reform via SAVE and have forgiven about 9% of loans IIRC. Probably shouldn't have though, it's inflationary, and as you can see from the above poll nobody even appreciates it.)