The Supreme Court recently rejected the Biden administration’s plan to forgive up to $20,000 in student loan debt for 43 million borrowers. With Congress mandating that interest begin accruing on all student loans effective September 1, 2023 and repayments begin in October, the White House hastily pushed out a backup loan forgiveness plan called SAVE.

While a direct application website will be launched later this summer, the White House says that borrowers can get started now in the new plan by enrolling in an existing Income-Driven Repayment (IDR) plan. Those already enrolled in an IDR will automatically be enrolled into SAVE. Any borrower currently enrolled in REPAYE, a Pay As You Earn program, will automatically be enrolled into SAVE.

Under the SAVE plan: