President Joe Biden’s latest plan for student loan cancellation is moving forward as a proposed regulation, offering him a fresh chance to deliver on a campaign promise and energize young voters ahead of the November election. The Education Department on Tuesday filed paperwork for a new regulation that would deliver the cancellation the Democratic president announced last week. The regulation has to go through a public comment period and another review before it can be finalized. The regulation is a more targeted proposal than the one the Supreme Court struck down last year. Conservative opponents are threatening to challenge the new plan, which seeks to cancel or reduce loans for 25 million Americans.