It’s not impossible, but it would be painful to my knowledge. Could be wrong of course.

I am not able to give a lot of details off the top of my head, yet every loan has different payment timelines, is negotiated under different risk conditions, at different interest rates, between different departments which depend on different budgets with different scheduled cash flow intakes in different currencies with different, fluctuating exchange rates. Mutual debt cancellation would always incur significantly increased costs for one party on a case by case basis.

It would probably be a nightmare to sort it out equitably and it would not translate into significant benefits; the goal is to lower your debt while continuing to invest your money for maximum return, not decrease both.