During a recent appearance on "The Late Show with Stephen Colbert," Representative Alexandria Ocasio-Cortez, a Democrat from New York, was questioned about her eligibility for President Biden's newly unveiled student loan forgiveness initiative.

Colbert probed Ocasio-Cortez about the specifics of the student loan plan, which she had a hand in shaping. The Congresswoman explained, "There are over 40 million student loan borrowers in the United States today, President Biden just unveiled a plan to offer relief in some way, shape, or form, either complete or partial, to 30 million of them. Thirty million student loan borrowers are going to start seeing relief."

When asked if she would personally benefit from the program, Ocasio-Cortez responded, "I don’t think I will be. Actually, I’m going to be one of the few that doesn’t. I’m a member of Congress. I’m a little bit outside the threshold and bounds. But if I wasn’t, you know, just a few years ago, waitress me five years ago would have benefited from it. Congresswoman me will not, but that’s okay. I’ll take the knock if it means people can get relief."

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The Supreme Court has previously rejected several versions of Biden's student loan relief plans. In response to the plan announced in February, 11 Republican-led states launched a lawsuit. The Wall Street Journal reports that the latest Biden plan is projected to impact up to 30 million Americans, significantly reducing their student debt ahead of the November election.

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The plan's primary focus is on reducing loans that have ballooned beyond their principal amount due to accumulated interest. The Wall Street Journal reports that it could cut up to $20,000 in accrued interest. Borrowers earning less than $120,000 or couples earning less than $240,000 would be permitted to eliminate all accrued interest beyond the principal amount.

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As a result, approximately 23 million Americans would see their loans reduced to the principal amount, as previously reported by Fox News Digital.

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Biden's plan also includes provisions for canceling debt for borrowers who have held onto their loans for decades without fully repaying them. The Wall Street Journal reports that this forgiveness would apply to any undergraduate debt lasting more than 20 years and any graduate debt lasting more than 25 years.

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Colbert also questioned Ocasio-Cortez about her characterization of the famine in Gaza as "an unfolding genocide," a term he described as "electric." The Congresswoman defended her choice of words, stating, "we have been on the precipice of a mass famine that would indiscriminately kill nearly a million children, adults, innocent people, men, women and children."

She added, "I think in using this term, it is not to engage in a game of rhetoric, but it is for us to see what is happening for what it is."

This report includes contributions from Fox News' Anders Hagstrom.