A major student-loan company tells borrowers to ‘hold off on calling’ because it doesn’t have any more details on Biden’s debt cancellation Biden canceled up to $20,000 in student debt for federal borrowers on Wednesday. Student-loan company Nelnet told borrowers to "hold off on calling" to get more information. Borrowers are still waiting for further details on eligibility how to apply for relief. Millions of student-loan borrowers want to know if there are any updates following President Joe Biden''s announcement of debt cancellation. A student-loan company has a message for them: We don''t know any more than you do. On Wednesday, Biden made two major announcements borrowers have been waiting months for — a four-month extension of the student-loan payment pause through December 31, and up to $20,000 in student-loan forgiveness for federal borrowers. While the Education Department released preliminary information on the details of the relief, a lot of questions are still lingering, like how borrowers can apply for the relief and how long it will take. Many of them are taking those questions to the companies that service their loans.