President Biden is set to announce his latest efforts toward erasing student loan debts for millions of Americans.

Biden will unveil the plan in a speech in Madison, Wisconsin with other administration officials spreading out across the country, the New York Times reported. If implemented, the White House said the proposal would bring the total number of student loan debt canceled over the past three years to 30 million.

Details of the plan are forthcoming, but a statement from the White House said it would fully eliminate accrued interest for 23 million borrowers, canceling the full amount of student debt owed by more than 4 million borrowers and provide more than 10 million borrowers with at least $5,000 in debt relief.

Also, CNBC is reporting borrowers could receive up to $20,000 of forgiveness on unpaid interest on their federal student debt, regardless of their income.

Certain low and middle-income borrowers could benefit even more. Single people who earn $120,000 or less, and married borrowers making $240,000 or less, could have the entire amount of interest erased. No application would be needed to receive the forgiveness, according to the White House.

Others who could see relief will likely be:

• Borrowers who have balances bigger than original loan due to interest.
• People who qualified for student loan forgiveness under existing plans but have not applied.
• Borrowers who have been repaying loans for at least 20 years.
• Students who attended in low-financial-value programs
• Borrowers experiencing financial hardship.

The new proposal has yet to be finalized, CNN is reporting, and more details will be forthcoming.