More on STUDENT LOANS Joe Biden Illegally ‘Canceling’ Student Loans Would Be a Middle Finger to America Biden Must Reap the Whirlwind If He ‘Cancels’ Student-Loan Debt Canceling Student Debt Would Undo Reconciliation Bill’s Deficit Reduction The total estimated cost for Biden’s one-time cancellation is $300 billion, according to a study released Tuesday by the Wharton School of business at the University of Pennsylvania.