You could still be eligible for student loan forgiveness under this plan

The Supreme Court may have struck down President Biden’s plan for sweeping student loan forgiveness, but another plan that could gradually achieve similar results is in the works. In fact, millions of borrowers can begin to benefit from it as early as this fall, when they’re expected to begin making monthly loan payments after a three-year pause.

Now, this forgiveness isn’t simple. It won’t happen suddenly, in one lump sum. It will instead come slowly through a complex new repayment plan — called the SAVE plan, for Saving on a Valuable Education — that will save borrowers thousands of dollars by keeping their monthly payments small (as small as $0) while also preventing interest from exploding what they owe.

“[It] has the potential to massively change student loan repayment in our country as we know it,” says Dominique Baker, an associate professor of education policy at Southern Methodist University.