President Joe Biden is scheduled to announce a new comprehensive set of updated initiatives for his student debt relief program during his upcoming visit to Madison, Wisconsin, per CNBC.

These initiatives, which include interest cancellation and debt nullification for eligible individuals, are designed to provide financial relief to over 30 million more American borrowers.

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Joe Biden's New Student Debt Relief Initiatives

Now, the upcoming initiatives proposed by the administration, along with previous measures implemented, are anticipated to benefit student loan borrowers nationwide. In particular, these collective efforts aim to eliminate the accrued interest for around 23 million borrowers, completely cancel the debt for over 4 million borrowers, and provide relief of at least $5,000 to more than 10 million others.

According to VCPost, this move is a succession to his $143 billion approved student debt relief plan earlier this year.

Vice President Kamala Harris, second gentleman Doug Emhoff, and Education Secretary Miguel Cardona will undertake individual trips to Philadelphia, Phoenix, and New York City, coinciding with President Biden's announcement. 

These visits will help emphasize the administration's dedication to addressing the issues confronting student loan borrowers and demonstrate the practical advantages of the new proposed measures.

Education Secretary Cardona stated in a press call before the announcement that the updated plans for student debt relief result from a thorough rule-making process designed to offer borrowers relief under the Higher Education Act. 

"After the MAGA Supreme Court struck down the most far-reaching student loan debt forgiveness last year and ripped away a financial lifeline from those who need it most, this new action by President Biden shows Democrats are committed fixing the Federal student loan program so that higher education can finally be a ticket to the middle class for everyone,"

READ MORE: Biden Administration Relieves $6 Billion in Student Debt for 78,000 Public Service Workers