Paying off the student loan is not deductible on a tax return.

Only the student loan interest paid on the loan in 2020 can be entered on a 2020 federal tax return as an adjustment to income.  Student loan interest paid is reported to you on a Form 1098-E

The other question you may have is: is the amount of the loan forgiven (eliminated) taxable to you.

It is if they issue a form 1099-C  to you.