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Up until this weekend, nobody knew what Apple would call its budget iPhone, but a leaked photo, which is still unverified, suggests it’ll hit market as iPhone 5C. And now those familiar with Apple’s plans are speaking out to say that name is indeed correct. And, no, the C doesn’t stand for cheap—it’ll stand for “color.”

According to a source who knows a source—that always sounds trustworthy—Apple’s more affordable handset will utilize the new moniker to highlight the many color choices users will have when the new lineup hits; those many shells we’ve seen over the past several weeks have been spot on, the source told Business Insider. The source didn’t verify Apple’s choice of color palette, however.

Seeing as the iPhone 5C will share some similarities with the current iPhone 5, the name makes sense. And there will be a clear differentiation when the iPhone 5S hits this fall—iPhone 5S for the latest specs and speed, and iPhone 5C for color. Pricing is still unclear, though earlier reports suggested it would be aligned into the more mid-tier category of $350 and above, and not necessarily bargain bin cheap.