What is the average amount of time it takes to pay back college loans?
September 29, 2008 - I was living in a fantasy land when I thought those stupid little booklets that Student Loan Finance Corporation sent out for a payment plan, was all I had to pay. I never realized how many bloody years it actually took, until I called those creatures today. So, I'm wondering what is the average amount of time it takes for people to pay back their student loans? and why can you pay back a car loan for 20 grand in five years, but a college loans for the same amount takes 18 or something equally as insane? Thank you.
It usually is about ten years to pay off student loans. It takes longer to pay off student loans than car loans because the payments tend to be lower, but they don't restrict you from paying extra or even paying them off early. It's actually better for you if you do that because you will pay less interest.
- send in more money than they suggest and you will pay it off quicker.
- By the time they sell your loan 4,5,6 or more times and each time the interest goes up and the base amount starts over it can be a never ending thing. I've lived it for the past 20 + years. I've even gotten lawyers on this and find out they also have the same problem.
- 10-12 years and you better get a good job cuz it will be more. The student loans people amortize your loan over 10-12 years and a car loan is usually amortized over 4-5 years. So unless you do balloon payments or win the lottery, you're stuck. It's usually a set amount dictated by the bank.
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