After his original plan to forgive $400 billion in student loan debt was shot down by the Supreme Court, President Biden is embarking on a renewed effort that would wipe out substantial amounts of student debt for 23 million Americans, and cancel that debt outright for some.

You may recall that last year, President Joe Biden rolled out an executive order to cancel $400 billion in student loan debt, but the Supreme Court shot it down. The Biden administration went back to the drawing board and did find legal methods to cancel smaller amounts of that debt. But now with the 81-year-old Biden not exactly catching on fire with younger voters, the New York Times reports that Biden is announcing a new plan to wipe out large amounts of student loan debt for about 23 million borrowers, and cancel student loans debt entirely for some four million borrowers.

“President Biden will use every tool available to cancel student loan debt for as many borrowers as possible no matter how many Republican officials stand in his way,” White House press secretary Karine Jean-Pierre told reporters, per the Times.

And those Republicans will stand in the way. There will surely be legal challenges and appeals, which means that any debt forgiveness might not take effect before the November elections. The Times notes that “Administration officials hope that the president’s supporters will give him credit for trying,” which seems an optimistic take on what would happen if Biden failed to deliver.

Either way, there are several categories of student loan borrowers who could see their debt wiped out under the plan. Mainly, those whose accrued interest exceeded $20,000 could see those interest charges eliminated, and people making less than $120,000 annually (or couples making $240,000 annually.) could have their interest wiped out completely.

Additionally, those who are eligible for relief but haven't applied would simply have their debt removed without applying. People who’ve been repaying their loans for 20 years or more, and graduate students who’ve been paying for 25 years, could see their loans eliminated too. There’s also loan cancellation for students whose institutions have since lost their certification, and other loan forgiveness for those who can claim a “hardship” because of medical debt or child care.

There will be more specifics, as Biden is currently announcing his plan in a speech in Madison, Wisconsin. Vice President Kamala Harris is delivering a similar speech in Philadelphia.

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Image: RALEIGH, NORTH CAROLINA - MARCH 26: U.S. President Joe Biden speaks at the Chavis community center with U.S. Vice President Kamala Harris and North Carolina Governor Roy Cooper on March 26, 2024 in Raleigh, North Carolina. Biden is making a big push in North Carolina this year, a state he believes to be winnable in the November presidential election. Biden lost North Carolina to Donald Trump by only 2 percentage points in 2020. (Photo by Eros Hoagland/Getty Images)