Joe Biden Forgives Portions of Student Loans

The President, via executive order, has decided to forgive $10,000 in student loans and $20,000 of Pell grants to individuals making less than $125,000 and households making less than $250,000. Has a dangerous precedent been set? Who really pays for this act? What is the future cost? JC and B-Mic Roc OD on the efficacy of this policy.