The forgiveness doesn't come until/unless one has made payments at about 10% of their discretionary income for 20 years (down from 25 years) and still has a balance. There is no emergency in getting the IRS rules changed
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Starting in 2014, borrowers will be able to reduce their monthly student loan payments to 10 percent of their discretionary income. But President Obama realizes that many students need relief sooner than that. The new "Pay As You Earn" proposal will allow about 1.6 million students the ability to cap their loan payments at 10 percent starting next year, and the plan will forgive the balance of their debt after 20 years of payments. Additionally, starting this January an estimated 6 million students and recent college graduates will be able to consolidate their loans and reduce their interest rates.We Can't Wait: Obama Administration to Lower Student Loan Payments for Millions of Borrowers | U.S. Department of Education
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