This new act also states that individuals taking study loans after 2014 and paying their installments on time are eligible for loan forgiveness after 20 years, earlier the time set was 25 years. For students who take up careers in teaching, medicine, law and social work the eligibility for debt forgiveness is 10 years of timely payment of installments. For details of this student loan relief program, you can visit the National Student Loan Data System website.