Watch: President Biden announces new student loan forgiveness plan

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[This stream is set to start at 2:15 p.m. ET.] President Joe Biden will announce on Monday the details of his new student loan forgiveness plan, which could affect tens of millions of Americans. Immediately after the Supreme Court rejected Biden's first attempt at wide-scale education debt cancellation, the president said he would seek to forgive the loans another way. Despite its smaller scope than Biden's first education debt relief plan, this new aid package could still lead to at least partial forgiveness for 25 million Americans, the Biden administration said. More from Personal Finance: Why gas is so expensive in California Credit card users face 'consequences' from falling behind After Biden praises progress on inflation, economists weigh in The plan, if enacted as proposed, would cancel up to $20,000 in unpaid interest for millions of borrowers. In addition, the program is expected to forgive the debt of certain groups of borrowers, including those who: Are already eligible for debt cancellation under an existing government program but have not yet applied Have been in repayment for 20 years or longer on their undergraduate loans, or more than 25 years on their graduate loans Attended schools of questionable value Are experiencing financial hardship The U.S. Department of Education could begin forgiving the debt as soon as this fall.