President Biden announced a student loan plan Monday that would help millions of Americans have their debt forgiven in his latest attempt to provide relief to borrowers. 

Biden announced a plan focused in large part on borrowers with so-called “runaway interest” who owe more money than they did at the start of repayment.

President Joe Biden will announce on Monday a new, sweeping student loan forgiveness plan, which could benefit tens of millions of Americans.

Biden will share the details of the aid package at an event in Madison, Wisconsin.

The news comes less than a year after the Supreme Court rejected his first attempt to cancel up to $20,000 in student debt per borrower. The conservative justices ruled that that effort was unconstitutional in June.

President Joe Biden announced on Wednesday that his administration is canceling $1.2 billion dollars in student debt for some 153,000 borrowers enrolled in a new repayment plan.

The Biden administration had initially planned to start forgiveness under the Saving on a Valuable Education (SAVE) plan in July, but it is now taking effect almost six months ahead of schedule.

The Biden administration on Wednesday said it is automatically forgiving $1.2 billion in student debt for 153,000 borrowers. Loan holders whose debt will be discharged will receive an email from President Joe Biden today informing them of the forgiveness, the Department of Education said. 

President Joe Biden announced another tranche of student loan debt relief totaling more than $1 billion Wednesday morning.

On Thursday, the Biden administration announced a new plan to enact large-scale student loan forgiveness, this time by targeting borrowers experiencing financial "hardship." 

The Biden administration announced Friday it’s canceling approximately $5 billion in student debt relief, largely for public servants, the latest incremental step the White House has taken on student loan forgiveness, even though its more ambitious student loan relief program was thwarted by the Supreme Court.

The administration approved debt relief for approximately 74,000 borrowers, the White House said Friday.

Americans saddled with student debt are boycotting their repayments to increase election-year pressure on President Biden to keep his promise of more loan forgiveness.

Since the federal government stopped a three-year “pandemic pause” on student loan repayments in October, only 40% of borrowers have paid all their monthly obligations. Meanwhile, 35% have made some payments and 25% haven’t made any, an Intelligent.com survey found.

More than six months after the U.S. Supreme Court struck down President Joe Biden’s ambitious program to erase $430 billion in student loan debt, the White House has been rolling out smaller, more targeted relief programs that it says have now canceled $132 billion in debt for more than 3.6 million Americans.