Hello and Good Afternoon Everyone,
On July 1st of this year, there were several changes made which turned into federal law governing student loans. One of the changes made relates to the longevity of the student loan itself. For instance, federal student loans which exist for 25 years or more are automatically forgiven. Hearing this news has created several questions. One important question which comes to mind is this. How does this new change effect pre-existing borrowers? Does this rule apply to them or does it only apply for new borrowers?
Any shared insights, multimedia clips, web site links, etc. addressing this question will be greatly appreciated. While I have done some research into this matter, I have not found any literature which talks about the 25 year student loan forgiveness program in detail.
Thanks so much in advance for everyone's attention to this question. I look forward to reviewing any information submitted in response to this post.