The new Biden plan that could still erase your student loans

This summer, the Supreme Court struck down Biden's plan to forgive student loan debt for millions of borrowers. Except, on the same day Biden first announced that plan, he also unveiled <em>another, </em>the SAVE plan. And though SAVE sounded less significant than Biden's big forgiveness pledge, it's still alive and could erase even more student debt.SAVE is officially a loan repayment plan. But through a few seemingly minor yet powerful provisions, many more low-income borrowers will end up paying little or nothing until, eventually, their loans will be forgiven. Even many higher-income borrowers will see some of their debts erased. In this episode, we explain the history of income-driven repayment. And how borrowers could end up paying less than they might expect once payments resume in October. You can read more from <a href="https://www.npr.org/2023/07/14/1187545921/student-loan-forgiveness-save-repayment">NPR's Cory Turner's here</a>. <br><br><em>This episode was hosted by Cory Turner and Kenny Malone. It was produced by Emma Peaslee, and edited by Molly Messick. It was fact-checked by Sierra Juarez, and engineered by Robert Rodriguez. Alex Goldmark is Planet Money's executive producer. <br><br>Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Always free at these links: Apple Podcasts, Spotify, Google Podcasts, NPR One or anywhere you get podcasts.<br><br> Find more Planet Money: </em><a href="https://n.pr/3h92GwS"><em>Facebook</em></a><em> / I</em><a href="https://n.pr/3FqLuws"><em>nstagram</em></a><em> / </em><a href="https://n.pr/3sGZdrq"><em>TikTok</em></a><em> / Our weekly </em><a href="https://n.pr/3zrFvUB"><em>Newsletter</em></a><em>. <br><br>Music: "Nola Strut" "Funky Ride" and "The Down Low Disco King"</em>