The student-loan repayment pause that has been in effect for nearly three and a half years is coming to an end. Payments are set to resume in October for the millions of Americans who owe a collective $1.7 billion in federal student-loan debt.

However, the Biden administration is taking steps to make the transition back to repayment easier, and the most significant way they're doing that is by introducing the Saving on a Valuable Education, or SAVE Plan. This income-driven repayment (IDR) plan could end up being a student-loan borrower's best friend, so here are six major components of the plan that you need to know about before the payment pause ends.

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Source Fool.com