borrower

Using a variety of programs, Biden has canceled $175 billion in student debt for nearly 5 million borrowers, according to Business Insider.

"That will require borrowers to show that their post-retirement income is adequate."

However, about a quarter of borrowers are set to see payments fall, and the Bank said households were better equipped to cope with mortgage repayments than predicted earlier this year.

Another 8 million borrowers won't be making payments when Trump takes office because one of Biden's repayment plans is on hold.

That has created a headache for borrowers hoping costs were on a consistent downward trend, especially in light of the Bank of England cutting the benchmark interest rate earlier this month.