Biden opened a new student debt repayment plan. Here's how to enroll in SAVE.

The beta site is available at the Federal Student Aid income-drive repayment plan The site notes that applicants can start an IDR application, which includes the option to enroll in the new SAVE repayment plan.

The Biden administration said that the SAVE option will be"available on and off during this beta testing period." Borrowers could cut their monthly payments in half or even have monthly payments of $0. Many others will save up to $1,000 a year on repayments, according to the Biden administration. For instance, a household with four family members and an annual income of $60,000 would pay $0 per month under the new plan, while a one-person household with the same income would pay $227 a month, the Education Department said.The SAVE plan is available to borrowers with a direct loan in good standing, the Education Department said.

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