The Biden administration proposed a new student loan program on Monday that, if approved, will relieve millions of Americans of their debt obligations.

“There is no such thing as ‘forgiveness,’ and student loan debt does not disappear—it stays on the federal government’s records,” according to edworkforce.house.gov. According to estimates, cancellation alone will cost at least $400 billion. The Biden administration would merely shift the burden associated with student loans, which millions of borrowers have accepted, onto the shoulders of American taxpayers. Biden’s rescue of student loans would cost taxpayers at least $2,500, even if they never attended college.

The proposed programs would mainly affect borrowers with “runaway interest,” those who are “those suffering hardship,” those who qualify for income-driven repayment (IDR) plans, and those who have been making loan payments for 20 years.

The idea would cancel borrowers’ $20,000 loan balance for amounts that have escalated due to unpaid interest since the start of payments, regardless of income. Individuals who fulfill the prerequisites of the SAVE IDR program will have their total outstanding interest waived.

In turn, this would eliminate the whole debt increase for “23 million Americans,” and it would relieve 25 million people of the balance growth that comes from unpaid interest.

Furthermore, for those who fulfill the criteria of the Public Service Loan Forgiveness program, the SAVE plan, and other loan forgiveness programs, the government wishes to automatically waive debt. An estimated 2 million Americans would have their loans entirely erased under this plan.

The administration also aims to help families struggling with additional debt from medical bills and other sources, as well as students enrolled in inadequately valued education programs. All of these groups are at high risk of defaulting on their loans, and the administration wants to help them.

In the upcoming months, the Biden-Harris administration intends to publish draft regulations on these programs. This fall, the government stated that it would start waiving up to $20,000 in interest for millions of borrowers and completely forgiving millions more loans if these plans turned out as planned.

The administration also emphasized the potential benefits of this action for community college graduates, particularly for Black and Latino borrowers, who are statistically more likely than Whites and Asians to have difficulties with student loan debt.

“By taking these steps, Black and Latino borrowers, community college borrowers, and borrowers who are financially vulnerable due to having taken out debt but never having the opportunity to finish their degree should get considerable assistance,” the administration stated.”

The approval or rejection of these plans will not be known for months. If the proposals are approved, it is also anticipated that they will be challenged in court.