No, TurboTax cannot cancel your son's return, unfortunately. It's like dropping the mail in the mail box.
Since you have already submitted his tax return, you will have to wait until Feb 12 when the IRS opens the gate. You cannot return to the program to make any changes before that.
If his return got rejected for whatever reasons, you can return to the program to report the student loan information along with other changes. You do not need an amendment 1040-X.
If his return has been accepted, you will have to amend his return by filing a form 1040X. You should not try to amend his return until it has been fully processed and he has received his refund or his payment has cleared.
Beginning with the 2019 tax year, you can e-file amended tax returns. If you used TurboTax to prepare Form 1040-X, follow the software's instructions to e-file the amendment.
To see how to amend your taxes, click here:
Steps to amend in TurboTax
How to file amendment
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