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Biden has forgiven $127 billion in student loan debt, per Bloomberg.President Joe Biden's ambitious plans to cancel up to $400 billion in student debt for millions of Americans faced setbacks at the Supreme Court over the summer. Despite this, Biden has successfully eliminated $127 billion in student debt for over 3.5 million borrowers, surpassing any previous president's efforts.The administration achieved this by leveraging existing programs, particularly income-driven repayment plans established in 1994. These plans enable borrowers to contribute a portion of their income towards their debt monthly, with any remaining balance forgiven after a specific period. However, many borrowers who diligently made payments for years did not receive the promised cancellation, leading to challenges.Higher education expert Mark Kantrowitz highlighted that loan servicers failed to track qualifying payments accurately. The Biden administration addressed this issue by reviewing millions of borrowers' accounts and has forgiven nearly $42 billion for over 850,000 individuals enrolled in these plans.The Public Service Loan Forgiveness (PSLF) program, initiated in 2007, presented its own challenges due to misinformation and eligibility issues. The Biden administration worked to reverse this trend by expanding eligibility, allowing reapplications, and providing relief to 715,000 public servants, totaling $51 billion.To assist borrowers, the administration introduced the PSLF help tool, offering information on qualifying employers, access to certification forms, and comprehensive program requirements, accessible at Studentaid.gov. Most federal student loan holders qualify for income-driven repayment plans, and detailed options and applications are available on the same website.