Washington CNN —
More than 4 million people have so far enrolled in President Joe Biden’s new repayment plan, known as SAVE, which promises to lower their monthly bills as student loan payments are set to resume in October after a yearslong pandemic-related pause.
Launched earlier this summer, the SAVE (Saving on a Valuable Education) plan is available to most people with federal student loans and can provide significant relief to borrowers struggling to pay off their student debt.
The majority of people who already enrolled in SAVE were previously enrolled in a different repayment plan, the Revised Pay As You Earn (REPAYE), and automatically transferred.
