Biden to unveil new student loan handout that could slash debt for millions before election day

President Biden will unveil yet another student loan handout plan on Monday in his ongoing attempt to circumvent the Supreme Court.

The court has struck down multiple versions of Biden's plans for a student loan bailout, and 11 Republican-led states filed a lawsuit against the version he announced in February. The new Biden plan is expected to affect up to 30 million Americans, who will see sizable portions of their student debt slashed before the November election, according to the Wall Street Journal.

Biden is scheduled to unveil the plan during a public event in Wisconsin on Monday.

The plan's central pillar focuses on cutting loans that have exceeded their principal amount due to interest. It would cut up to $20,000 in accrued interest while borrowers who make less than $120,000 or couples who make less than $240,000 would be allowed to cut all of their accrued interest beyond the principal amount, WSJ reported.