2023-08-12
27 分钟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 another, 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 NPR's Cory Turner's here. 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. 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: Universal Production Music - "Nola Strut," "Funky Ride," and "The Down Low Disco King" Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy
This is Planet Money from NPR.
You know how sometimes you rewatch a movie and you're like, wait a second.
The big twist was planted right there in the beginning, and I just didn't notice it?
Well, well, this year, today, this is one of those kinds of stories.
Yeah, except this was not a movie.
This was last year when President Biden held a press conference about federal student.
Well, good afternoon.
Biden's up at a podium in front of a painting of Teddy Roosevelt riding a horse.
It's a good painting.
There's also a well placed row of books right there in the background because, you know, this announcement, it was gonna be about book learning.
My campaign for president, I made a commitment.
I made a commitment that would provide student debt relief, and I'm honoring that commitment today.
Yeah, this was the big student loan forgiveness announcement.
Of course, Biden explained how the federal government intended to erase some or even all federal student loan debt for some 40 million Americans.
Boom.
There it was, the biggest student loan forgiveness program in history.
All this means people can start, finally crawl out from under that mountain of debt.
Now, you know, you would think that the speech could end there.
Everyone can go home.
The big announcement is made.