The forgiveness applies to anyone who enrolls in the new plan, not just existing loans.

New plan is 10 yrs for <= $12k in loans, increasing a year for every $1k additional, so for example, someone who takes out $20k in loans can have the remainder forgiven after 18yrs of payments.

The 20/25 yrs was the old forgiveness plan with lower principal loan and income levels.

Additionally, if you’re making your monthly payments, no interest accrued.

It’s a new payment plan, so applies to new student debt as well.

If I’m reading the StudentAid.gov correctly, the SAVE plan has the following:

• Increase in income exemption to 225% of poverty line (~$66k/yr)
• Undergraduate Loans now are 5% of AGI above exemption limit
• No interest accrued if you make your monthly payment
• After 10 yrs of payment, if principle loan was $12k or less, loan is forgiven. Payment period increases by 1 yr for every $1k over that amount (e.g. for $20k loan, forgiveness after 18 yrs)