The new plan, aim(s) to supplant an earlier version that was rejected by the U.S. Supreme Court in June.

The first element of the new plan would allow any borrower, regardless of their income, to cancel up to $20,000 in interest.

In addition, low and middle-income borrowers who are enrolled in an income-driven repayment plan would have all of their interest forgiven. This group of borrowers includes single borrowers earning $120,000 or less a year, and married borrowers who make $240,000.

If the plans go through as proposed, there would be no application necessary.