Biden discusses new student loan plan: Watch live

President Biden is slated to deliver remarks Monday afternoon in Madison, Wis., regarding his administration’s new student loan plans that would provide relief to millions of Americans if finalized.

The proposed plans would largely affect those with “runaway interest,” as well as borrowers who have been paying on loans for 20 years, qualify for forgiveness under income-driven repayment (IDR) plans and those experiencing hardship.

The plans would give borrowers $20,000 in loan forgiveness for balances that have grown due to unpaid interest since entering repayment, regardless of income. Those who qualify for the SAVE IDR plan would get the full balance of their unpaid interest forgiven.

This would result in 25 million Americans getting relief from balance growth that was garnered by unpaid interest, with 23 million seeing their full balance growth canceled.

The event is scheduled for 2:15 p.m. EDT.

Watch the live video above.