Washington CNN  — 

The Biden administration has launched a new federal student loan repayment plan that could lower millions of borrowers’ monthly bills and reduce the amount they pay back over the lifetime of their loans.

If borrowers apply this summer for the repayment plan known as SAVE (Saving on a Valuable Education), the changes to their bills are expected to take effect before payments resume in October after the yearslong pandemic pause ends.

Once the repayment plan is fully phased in next year, some people will see their monthly bills cut in half and remaining debt canceled after making at least 10 years of payments.

If you’re applying for the SAVE plan, we want to hear from you and may follow up for a CNN story.