Under the SAVE plan, you may qualify for student loan forgiveness if you have borrowed $12,000 or less and have made 10 years of payments.
Borrowers with higher principal balances can also qualify, provided that they make an extra year of payments for each additional $1,000 borrowed. So, for example, if you’ve borrowed $14,000, your loans may be forgiven after 12 years of payments.
All loans taken for graduate school, however, must wait 25 years for forgiveness.