The Good Men Project Become a Premium Member We have pioneered the largest worldwide conversation about what it means to be a good man in the 21st century. Your support of our work is inspiring and invaluable. Biden Could Cancel Student Debt. Will He? The federal government owns 92 percent of all student debt owed in this country. Canceling it could provide a huge stimulus. Washington is abuzz with ideas for actions the Biden-Harris administration could take that would not require congressional approval. One of the buzziest: canceling student debts owed to the federal government. The Department of Education owns about 92 percent of the $1.6 trillion in student loans Americans owe. Many legal scholars say the department has the authority to wipe these burdens away with the stroke of a pen.