He’s not really cancelling anything because he’s transferring the debt from the borrowers it benefited to the taxpayers who will finance it with higher taxes or interest payments on the rising national debt.
Under his Saving on a Valuable Education (SAVE) plan, President Unstoppable is offering loan forgiveness through income-driven repayment plans. Borrowers used to be expected to pay 10% of the portion of their discretionary income that exceeds 150% of the federal poverty level ($22,590 for individuals) for 20 years after which their loans are forgiven. The Biden plan reduces the payments to 5% of their discretionary income above 225% of the poverty level.