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.
2006-07-12 11:58:55 · 6 answers · asked by redangus22 2 in Education & Reference ➔ Financial Aid
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.
2006-07-13 03:09:05 · answer #1 · answered by Michon G 2 · 2⤊ 0⤋
My sister is still paying back her student loans and she grad.1998.Can't believe it.
2014-05-20 03:58:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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.
2006-07-12 13:21:10 · answer #3 · answered by moved 5 · 0⤊ 0⤋
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.
2006-07-12 12:10:00 · answer #4 · answered by Robert F 7 · 0⤊ 0⤋
I surely have a pal that owes about $50,000 popping out with a B.A. from a private college. he is going to owe extra now that he's doing his masters. inner most college is bound seriously extra expensive than public ones. keep up your grades in college, provides can assist lots for certain. also seem for scholarships. Even small ones are ok. no longer all will flow by, yet do a minimum of one a week, (maximum in a large number of situations require you to jot down an essay or something) you're going to get some scholarship money.
2016-10-14 10:00:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
send in more money than they suggest and you will pay it off quicker.
2006-07-12 12:02:49 · answer #6 · answered by realgirl768553 3 · 0⤊ 0⤋