First on CNN: Biden administration launches new income-driven student debt repayment plan

The Biden administration is launching a beta website for its new income-driven student loan repayment plan today, officials told CNN, allowing borrowers to begin submitting applications for the program as federal student loan payments are set to resume in October.

The SAVE, or Saving on a Valuable Education, plan was finalized after the Supreme Court struck down President Joe Biden's student debt forgiveness initiative in June. It marks a significant change to the federal student loan system that could lower monthly loan payments for some borrowers and reduce the amount they pay back over the lifetime of their loans.

"Part of the president's overall commitment is to improve the student loan system and reduce the burden of student loan debt on American families," a senior administration official said, previewing the beta website first to CNN. "The SAVE plan is a big part of that. It is important in this moment as borrowers are getting ready to return to repayment."

Federal student loan borrowers can access the beta website at https://studentaid.gov/idr/. The enrollment process is estimated to take 10 minutes, and many sections can be automatically populated with information the government has on hand, including tax returns from the IRS, administration officials said.

"We will be able to show borrowers their exact monthly payment amount and give them the ability to choose the most affordable repayment plan for them," one official said.

Borrowers will only need to apply one time, not yearly as past systems require, which officials said would make this plan "much easier to use." Users will receive a confirmation email once the application is submitted, and the approval process, which can be tracked online, is expected to take a few weeks.

Those already enrolled in the federal government's REPAYE, or Revised Pay As You Earn, income-driven repayment plan will be automatically switched to the new plan.