How long to payback student loans

The average student borrower takes 20 years to pay off their student loan debt. Because student loan interest rates are at historic lows, current students may reasonably expect to pay off their student loan debts within the recommended year timeline.

Graduate and professional students, on average, borrow more for school than undergraduate students. Their income rates tend to be higher, as well. When indebted students return to school, they may not be required to make payments on any outstanding student loan debts. This does not mean, however, that these debts stop collecting interest. Department of Education data above, as of Sept. Borrowers 24 and younger had the least student debt. This is in part because many are still in school and taking on new debt.

To help you avoid borrowing more than you can afford, and get an idea of how long it will take to you to pay off your student loans, check out the following tools:.

Enter your loan information to calculate how much you could pay. Need a student loan? Compare rates without affecting your credit score. Enter your current and new loan information into the calculator below, and see how much you can save by refinancing your student loans. Does refinancing make sense for you? Compare offers from top refinancing lenders to determine your actual savings. You can also use the slider to see how increasing your payments can change the payoff date.

All of the charts in this article are free for you to share or embed on your own website, blog, or research paper. Check out the other articles in this series, which look at average student loan debt , average graduate school debt , the average cost of college , and student loan default rates. Quick navigation Average time to repay student loans by loan balance Average time to repay student loans by educational attainment How earnings after college affect student loan repayment rates How the amount borrowed affects student loan repayment rates How choice of college affects student loan repayment rates How many are paying back student loans into retirement Tools for taming student loan repayment Average time to repay student loans by loan balance If you combine your government student loans into a federal direct consolidation loan, your repayment term will automatically be extended to as long as 30 years.

Enter your loan information to calculate how much you could pay Loan amount? Interest rate? Loan term? Enter the amount of time you have to repay your loan years.

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The information on this site does not modify any insurance policy terms in any way. Paying off student loans can take anywhere from 10 to 30 years, depending on the type of loan and repayment term you choose.

Even though the Standard Repayment Plan for federal loans lasts 10 years, it takes most borrowers longer to finish paying off their balance. Students who graduate with federal student loan debt are automatically enrolled in the Standard Repayment Plan, which lasts 10 years.

But you can change the repayment plan if you need more flexibility in your budget. There are five types of income-driven repayment plans you can apply for, depending on your loan type:. Private student loan lenders have their own repayment options. In general, you can expect to repay your private student loans within five to 20 years unless you choose to refinance. Borrowers with federal student loans are required to make their first payment six months after they graduate, leave school or drop below half-time enrollment.

Most private lenders also provide a six-month grace period for borrowers, and some may extend this to nine or 12 months. Contact the lender to find out when your first payment is due. Many private lenders also offer a forbearance program. While a general goal is paying off your student loans within 10 years, there are several scenarios that could lengthen or shorten your student loan repayment.

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