This is all very hypothetical. If you are flying IFR you should have two radios so the loss of one is not a major event! If you have no EAT then you are most likely a training flight, in which case I hope you would have a good knowledge of the local weather and cloudbase. If you are SE then the cloudbase should be at a sensible level so that you can cope with an engine failure and can effect a Forced Landing below cloud, if not you should not be there!
If you really have lost both radios then you may have a total electrics failure in which case you will want to leave the hold, leave controlled aispace if you are in it, descend when clear of the hold, initially to safety altitude and thence visually until you are below cloud. If you are still IMC at the SA, your only options are to transit to an area where you can descend or, to descend using a topo into an area of known low ground untill you break cloud. If you don't break cloud then you judgement was pretty poor for getting in that situation to start with.
If a student poses this sort of question, use it to determie the factors that should stop you putting yourself in that position in the first place.
I do know a pilot who lost his radio and flew triangles as per the radio failure procedure but ATC did not notice!