One day after student loan handout, Biden hits the campaign trail to bolster Democrats ahead of midterms

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President Biden will travel to Maryland on Thursday to participate in a rally put on by the Democratic National Committee as he attempts to boost the morale of the Democratic Party ahead of the November midterm elections, just one day after he announced a $300 billion student loan handout.

The event – which will feature speeches from prominent party leaders and candidates in the state – is slated to take place at Richard Montgomery High School in Rockville, a Washington, D.C., suburb in Montgomery County.

Biden's Maryland appearance also comes after his party scored major legislative victories in Congress, including the passage of the Inflation Reduction Act, and one day after he announced a plan that will result in taxpayers footing the bill for an estimated $300 billion worth of student loan debt handouts for millions of Americans.

HIGHER EDUCATION SHOWERED BIDEN, DEMOCRATS WITH MILLIONS IN CAMPAIGN CASH PRIOR TO STUDENT LOAN HANDOUT

President Biden speaks during a news conference in the Roosevelt Room of the White House in Washington, D.C., Wednesday, Aug. 24, 2022. (Bonnie Cash/UPI/Bloomberg via Getty Images)

Speakers set to speak at the event, as reported by Fox 5, include Biden, DNC chairman Jaime Harrison, Democratic nominee for Maryland Lieutenant Governor Aruna Miller, Maryland Democratic Sen. Ben Cardin, House Majority Leader Steny Hoyer, D-Md., and Rep. Jaime Raskin, D-Md.

The Rockville City Police Department stated Wednesday that Biden, who is expected to tout recent accomplishments from his administration and his party, will be in Rockville for the event from 4 p.m. ET until 8 p.m. ET and "only invited and registered guests will be allowed to access the event."

As previously reported, Biden's plan will cancel $10,000 of federal student loan debt for certain borrowers making less than $125,000 per year, and up to $20,000 for Pell Grant recipients, while extending the pause on federal student loan payments through the end of the year.

Student loan debt holders take part in a demonstration outside the White House staff entrance to demand that President Biden cancel student loan debt on July 27, 2022 at the Executive Offices in Washington, D.C. (Jemal Countess/Getty Images for We, The 45 Million)

BIDEN ANNOUNCES STUDENT LOAN HANDOUT AS NATIONAL DEBT SOARS

According to the Penn Wharton Budget Model, a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers.

Biden's visit to the state comes as Republicans seek to regain control of the House amid record inflation and other economic burdens placed on Americans, including high gasoline and food prices.

House Minority Leader Kevin McCarthy, alongside Republican House leadership, holds a press conference on Capitol Hill in Washington, D.C., June 9, 2022. (SAUL LOEB/AFP via Getty Images)

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Republicans need a net gain of five seats in the midterm elections to retake majority control of the House, which they lost in 2018.

Fox News' Brooke Singman contributed to this article.