Could Biden reinstate the student debt that Trump forgave? Here's what experts say.

• Under the Biden administration, numerous student loan borrowers have had their debts cancelled.
• What should be known about President-elect Donald Trump possibly revoking relief?

President-elect Donald Trump, who opposes student loan forgiveness policies, will replace President Biden in about two months.

According to experts, it is predicted that the U.S. Department of Education will discontinue its attempts to provide extensive student loan relief under the Trump administration.

Over the past four years, millions of people have had their debt forgiven.

Mark Kantrowitz, a higher education expert, stated that he has been receiving numerous emails from borrowers expressing worry about President Trump potentially revoking their loan forgiveness.

Nearly 5 million people have had their federal student loans canceled by the Education Department since President Joe Biden took office, totaling $175 billion in relief, according to the White House.

The government has made improvements to existing student loan relief programs, such as the Public Service Loan Forgiveness initiative and income-driven repayment plans.

Those borrowers should be in the clear, experts say.

Betsy Mayotte, president of The Institute of Student Loan Advisors, stated that any regulatory changes regarding loan forgiveness programs should only affect new borrowers, and not eliminate existing programs.

"They aren't allowed to change regulations retroactively," she added.

Borrowers who have been seeking forgiveness under an income-driven repayment plan or a program like PSLF but have not yet received relief may be able to wait.

Experts stated that the terms of a federal student loan borrowers agree to when they take out the debt cannot be altered during repayment.

In June, U.S. District Judge Daniel Crabtree in Wichita, Kansas, ruled that student loan forgiveness has an "irreversible impact," and therefore blocked one of the Biden administration's relief measures.

Holiday costs can be easily afforded by those who can pay off their credit card balances quickly.

Kantrowitz writes in a recent article in The College Investor that the retraction of student loan forgiveness is extremely rare.

Under the Public Service Loan Forgiveness program, some borrowers had their debts reinstated in February. However, this was due to an error, and the borrowers were not yet eligible for the relief.

"Kantrowitz assured, "The president lacks the legal power to restore pardoned loans.""

It is important for borrowers to keep a record of any notices they receive regarding their forgiven debt and any loan documents that show a $0 balance, according to Kantrowitz.

The Consumer Financial Protection Bureau highlights "balance reinstatements" as one of the errors reported by student loan borrowers in a new report, where loan servicers add a loan balance to one's account.