The Biden administration is facing pressure to forgive student loans before Trump takes office.

• As his term nears its end, President Biden faces mounting pressure to grant more student loan forgiveness.
• In his final weeks in office, Biden is being urged by democratic lawmakers and consumer advocates to prioritize the needs of defrauded student loan borrowers and those aged 50.

As his term nears its end, President Biden faces mounting pressure to grant more student loan debt relief.

A group of over 40 Democratic lawmakers, including Senators Bernie Sanders and Ed Markey, penned a letter to U.S. Department of Education Secretary Miguel Cardona, requesting that he cancel the debts of borrowers who were defrauded by their colleges.

The Education Department was requested by lawmakers to process the pending borrower defense applications of approximately 400,000 borrowers, who may be eligible for discharge if their schools closed suddenly or were cheated by their colleges.

The Department has not yet acted on the application completed by these borrowers, who claimed to be victims of fraud, despite their efforts to demonstrate this through an onerous application process.

Over 1.6 million borrowers have had more than $28 billion in student debt forgiven by the Education Department since Biden took office, due to being deceived by their schools or attending colleges that shut down.

Trump's presidency may make bankruptcy more challenging for student loan borrowers. The number of 18-year-old freshmen enrolling in college has decreased by 5%. "Dynamic pricing" was a popular word of the year.

The Education Department must act quickly to address the needs of the remaining borrowers, as advised by lawmakers.

Donald Trump and JD Vance, the president-elect and vice president-elect respectively, are outspoken opponents of student loan forgiveness.

"During the previous Trump Administration, borrowers' applications were frequently denied, and they were not granted any relief even if their application was reviewed."

On Monday, Sen. Dick Durbin, D-Ill., reiterated that message in a post on X.

"Durbin wrote, "I'm on the Senate floor warning against predatory for-profit colleges and shining a light on borrower defense discharges through the Department of Education. It is crucial that we continue to process these claims before the next administration takes office.""

In 2005 to 2010, Trump University, a for-profit school founded by Donald Trump, was open. Students claimed they were misled with false advertising and high-pressure sales tactics. In 2018, a federal court approved a $25 million settlement with former Trump University students.

The Trump transition team did not provide a comment when CNBC requested one.

The "Last 50 Days" campaign by The Debt Collective aims to urge the Biden administration to relieve student loan debt for borrowers aged 50 and above.

The Debt Collective's spokesperson, Braxton Brewington, stated that older Americans will be the most affected by the Trump administration's actions towards student debtors.

Brewington stated that the least Biden can do is assist the borrowers who are running out of time and eagerly await a more sympathetic administration in 2029.

Nearly 5 million people have had their student debt forgiven by Biden, but his efforts to implement widespread debt cancellation have been hindered by legal challenges led by Republicans.