Nearly 80,000 student loan borrowers in Colorado enrolled in President Joe Biden administration’s new repayment plan, the U.S. Department of Education announced this week.

Nationally, more than 4 million borrowers have enrolled.

Biden’s “Saving on A Valuable Education” (SAVE) is the administration’s latest attempt to address the nation’s unfolding crisis with student debt, which has more than doubled over the past two decades — surpassing credit card debt.

In June, the U.S. Supreme Court struck down Biden’s $400 billion loan forgiveness program that would have benefited more than 40 million Americans.

“From Day One of this Administration, President Biden has focused on reducing the burden of student loan debt on working families, and we are not stopping now,” U.S. Secretary of Education Miguel Cardona said in a press release.

Under the Plan, borrowers who make less than $15 an hour will not have to make any payments and those earning more could save at least $1,000 a year.

The SAVE Plan is designed to keep unpaid interest from growing balances for borrowers who keep up with their payments.

“The new application is easy and quick. Most people only need about 10 minutes to complete it,” Federal Student Aid Chief Operating Officer Richard Cordray said in a statement. “Borrowers can get their monthly payment calculated in real time, and they can choose to have their IDR application recertified automatically each year.”

As of Wednesday , Colorado had 78,500 borrowers enroll in the new plan.

For more information, visit StudentAid.gov/save.