More Than 4 Million Have Enrolled in Biden SAVE Plan Ahead of Student Loan Repayment Restart

More than four million people have enrolled in President Joe Biden's new student loan repayment program ahead of October, when payments are set to restart.

"I'm thrilled to see so many Americans submitting applications every day so that they, too, can take advantage of the most affordable student loan repayment plan in history," Secretary of Education Miguel Cardona said in a statement.

The president's administration announced the program after the Supreme Court struck down a previous plan to cancel up to $20,000 in loan balances. Under the new Saving on a Valuable Education Plan, borrowers' monthly student loan payments can be reduced to 5% of discretionary income from 10% and accrued interest not covered by the monthly payment will be waived.

More than 1 million people have applied for SAVE to date and the majority of of people already enrolled in the program were previously enrolled in a different repayment plan. The Department of Education said it has reached out to more than 30 million borrowers directly to encourage them to apply for the program.