The past four years have been filled with highs and lows for federal student loan borrowers, as nearly 5 million have benefited from $175 billion in debt cancellation provided by President Joe Biden and others have watched their prospects for relief ensnared by litigation.

With only months left in his term, Biden wants to forgive the loans of nearly eight million borrowers experiencing "hardship."

President-elect Donald Trump has promised to gut the Department of Education in his 2nd term, which could increase monthly payments for student loan borrowers.