Does anyone know anything about the new legislation that dismisses student loans after 20 (or 30) years of payment?
There are a few student loan repayment programs that can dismiss your student loan debt after making payments of 20 or 25 years - Income-Based Repayment (IBR) and Pay-As-You-Earn (PAYE).
As for the new legislation, President Obama recently proposed changing the way all income-based plans work, merging them all into PAYE and changing the forgiveness amounts as well. Here's a full breakdown of how that looks (http://"http://www.forbes.com/sites/robertfarrington/2015/07/17/what-does-the-paye-expansion-proposal-really-mean/").
Thanks for the reply. The way I was reading the article is that it already went into effect for new loans after July 1, 2015 - is that correct, or is it still a proposal?
It's still a proposal open for public comment. There hasn't been anything official beyond that. If it does happen, though, it will take place retroactively to all loans after July 1, 2015.