President Biden's administration has overseen the cancellation of student loans for over 5 million Americans, the most in U.S. history, totaling $183.6 billion waived.
Despite facing challenges with broad student loan forgiveness proposals, Biden's administration leveraged existing programs to provide substantial financial relief to borrowers.
The latest relief primarily arises from the borrower defense program, designed to cancel loans for students misled by their colleges, harkening back to reforms initiated during the Obama era.
While Biden has been proactive in addressing student loan debt, the anticipated policies of President-elect Trump could roll back these cancellations, raising concerns among borrowers.
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