Student loan forgiveness was 'dangled in front of us:' How 7,00,000 borrowers were cut out of Biden's plan. Michael Christofield was excited when he found out he was eligible for $10,000 in student loan forgiveness under President Joe Biden's new plan. The debt relief would help him pay off his loans by the time his children go to college. "I'd be in a position to help them in a way my parents weren't able to help me," he said. But before the application was launched, the Biden administration abruptly scaled back the program. As a result, an estimated 700,000 people…