The Biden administration has withdrawn two major plans to deliver student loan forgiveness. The proposed regulations would have allowed the secretary of the U.S. Department of Education to cancel student loans for several groups of borrowers, including those who had been in repayment for decades and others experiencing financial hardship.

The Biden administration withdrew two major student loan forgiveness plans Friday, just weeks before President-elect Donald Trump returns to the White House. Here's a look at what it means for borrowers and student loan service providers.

Some Democratic lawmakers are pressuring the Biden administration to take further action on student loans before President-elect Donald Trump takes office, including finalizing some debt forgiveness it already approved.