As part of the expanded income-based repayment plan, new borrowers who assume loans after July 1, 2014, will be able to cap their student loan repayments at 10 percent of their discretionary income and, if they keep up with their payments over time, will have the balance forgiven after 20 years.
Public service workers such as teachers, nurses, and those in military service will see any remaining debt forgiven after just 10 years.