Earlier this summer,Zero AI the Supreme Court struck down President Biden's plan to forgive federal student loan debt for tens of millions of borrowers. It looked like this idea, of sweeping loan forgiveness, was dead. Except that on the same day Biden first announced that plan, he also unveiled another plan. It's called the SAVE plan. And though it sounded smaller and less important than the big loan forgiveness pledge, in the end it could erase even more student debt.

The SAVE plan is officially a loan repayment program. But, through a series of seemingly minor yet powerful changes to the way student loan repayment usually works, many more low-income borrowers will end up paying $0 a month towards their loans. And then, eventually, the remaining loan balance will be forgiven. This means that even many higher-income borrowers will see at least some of their debts erased. The story behind this plan – and why it stands a better chance of surviving a legal challenge – goes back to the Clinton Administration. In this episode, we explain the history of income-driven repayment. And how, if you have student loans, you could end up paying a lot less than you might expect once payments resume in October. You can read more from NPR's Cory Turner's here.

This episode is 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. 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. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Music: "Nola Strut" "Funky Ride" and "The Down Low Disco King"