News Biden will forgive up to $20,000 in student loan debt and extend payment pause: live updates August 24, 2022 Chris Quintana, Joey Garrison and Maureen Groppe, USA TODAY Comments Off on Biden will forgive up to $20,000 in student loan debt and extend payment pause: live updates The mass cancellation of student loans, a move long sought by progressive Democrats, would be unprecedented in US history of student borrowing.