The average student loan takes 21 years to pay off but that doesn’t mean that it has to take you that long. Another factor is how much extra a borrower can pay each month. The amount of time it takes to pay back a student loan in full depends on the type of loan, the amount borrowed, the interest rate and the repayment plan the borrower selects, as well as the use of deferments and forbearances. In fact, there are a number of factors that play into how long it could take you to repay your loans. There is no set time period for how long it takes to repay a student loan because there are different types of loans with varying interest rates. How Long Will it Take to Pay Off My Student Loan? See some of the best student loan refinancing options available. If you have excellent credit or have a co-signer you could qualify for lower payments and pay off your loan within the term of the loan. If you’re looking to get some relief from your student loans and can’t wait to see if any will be forgiven, you may want to consider refinancing. That’s because people borrow too much and don’t understand how repayments work. According to research, the average student loan takes 21 years to pay off. In a nightmare scenario, it could even last into the start of your retirement. Many college graduates get stressed about how long it will take to pay back their student loans and it’s not hard to see why.
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