4 million people enroll in Bidens SAVE student loan repayment plan ahead of payment restart | Regional/National Headlines [Video]

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.

Borrowers who were not enrolled in REPAYE must apply for the SAVE plan. More than 1 million people have applied to date, the Department of Education said Tuesday.

Borrowers will be able to apply on an ongoing basis but are encouraged to apply as soon as possible if they want to be enrolled by the time they are …