Biden administration has canceled $1.5B in student loan debt so far: Who could benefit next By Erika Giovanetti article The Biden Administration has erased $1.5 billion worth of college debt under loan forgiveness programs for 92,000 borrowers who met certain eligibility requirements. See if you qualify, and consider alternative loan repayment programs. (iStock) President Joe Biden campaigned on canceling $10,000 worth of student loan debt for most borrowers, but just a fraction of Americans with college debt have qualified for debt relief so far. While widespread cancellation may still be out of reach, thousands of student loan borrowers who were misled about the value of their education have had their student loans forgiven