I will have about 45k in student loans when I graduate with my MA in May 2008. How long will I have to repay these loans? I am starting to get worried because I dont think that I will be able to do it in 10 or even 15 years. Has anyone taken out their stafford loans for more then 15 years?
2007-02-26 11:50:42 · 7 answers · asked by almatters 2 in Education & Reference ➔ Financial Aid
If you consolidate your Stafford loans (get one new consolidation loan to pay off all your individual Stafford loans), you can extend the payments for longer than 10 yrs...depending on your loan balance and the repayment plan you choose. This will give you the cushion of a lower monthly payment, but remember, if you only pay the minimum each month, you will end up paying more interest over the life of the loan (just like a credit card).
Here's more info on student loan consolidation, including an FAQ and a calculator so you can see what your payments might be.
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
2007-02-27 01:04:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Depending on if you refinance your loans...(I would suggest you refinance with the Dept. of Ed when you graduate).
Normally it is 10 years. The Dept of Ed may reduce your monthly payments depending on your income and then after 10 years forgive any remaining balance. There are all sorts of programs that they have that you will not find with a normal Stafford Loan lender.
2007-02-26 11:57:07 · answer #2 · answered by intewonfan 5 · 0⤊ 0⤋
in case you pay for 2 many years and this is not any longer paid off, then sure, it is going to be forgiven. in case you have a public provider activity, then it is going to be forgiven in 10. to attend a provider academy, you replace your training for 5 years in the armed forces. it is between the candy bargains on it. it may be extra basic to in basic terms artwork for the government for 10 years after commencement and get your training waived.
2016-10-02 01:19:25 · answer #3 · answered by obear 4 · 0⤊ 0⤋
If you pay regularly, you can get all kinds of continuances or be offered consolidation at lower rates. Don't worry about it.
2007-02-26 11:55:09 · answer #4 · answered by Big Bear 7 · 0⤊ 0⤋
Forever. They literally NEVER go away, and you can't file bankruptcy on them.
On the other hand, you can get extensions ad nauseam.
2007-02-26 11:59:15 · answer #5 · answered by flywho 5 · 0⤊ 1⤋
You will have to pay on them until they are all paid off.
2007-02-26 11:59:58 · answer #6 · answered by Anonymous · 0⤊ 0⤋
This site should help you http://www.studentfinancialadvisors.com
2007-02-28 10:58:22 · answer #7 · answered by pete09301971 2 · 0⤊ 0⤋