Luckily there’s no payments until death in this plan, except for people with short lifespans I suppose. If you make minimum payments for twenty years, and the loans aren’t paid off yet, any remaining balance is forgiven. That includes zero dollar payments if your minimum payment is 0 because of low income. If you apply for forgiveness under public service loan forgiveness it’s shortened to 10 years of minimum payments. Prior payments under other repayment plans should count toward forgiveness too, clock isn’t suddenly resetting to twenty years for everyone.

Unfortunately Biden is not able to change the interest rate. Even though the law clearly grants him the power to forgive or modify many loan terms, it does not grant him the power to change the interest rates, which are set by statute. And even though the law clearly granted him forgiveness powers we all know how that went with the supreme court. So I don’t see them changing interest rates unless democrats get back the house and find a way to overcome a filibuster in the senate.