A protest sign outside the Supreme Court in Washington, D.C., on Feb. 28, 2023.The Washington Post | The Washington Post | Getty ImagesThere’s no precedent in recent history for the sweeping federal student loan forgiveness policy President Joe Biden is trying to carry out.A look at the math of the program shows how deep the relief could be for borrowers, many of whom were struggling before the Covid pandemic — when the economy was in one of its healthiest periods.Since then, federal student loan payments have been on hold for three years. Biden had hoped to cancel up to $20,000 in debt for tens of millions of Americans before resuming the bills, but his policy soon faced a barrage of legal challenges, and its fate now rests with the Supreme Court.More from Personal Finance:Is Supreme Court Justice Barrett key to student debt relief?What to do if Biden’s student debt plan is struck downHere’s how things go so bad with student loan debt in the U.S.The outcome of the justices’ decision could have dire consequences on families, said Thomas Gokey, co-founder of the Debt Collective, a national union of debtors.“For many people, this is life and death,” Gokey said. “What’s at stake i …