The amount of time you have to repay your loan depends on the type of loan, the amount you owe, and the repayment/refinancing plan you select.
If your total debt is small, your loan may be repaid in less than 10 years by making the required minimum monthly payment.
There is no penalty for prepayment. That is, you will not be charged for paying your loan in advance of the repayment schedule, which will save you money on interest.
Generally the length of repayment for the major education loan programs is listed below:
- Federal Stafford Loan - 10 years
- Federal PLUS Loan - 10 years
- Federal Perkins Loan - 10 years
- -->Federal Consolidation Loan - up to 30 years
- Access Group Private Loans - 20 years
- Private Loans from Other Lenders
check your promissory note
Note: extended repayment of up to 25 years may be available on federal student loans. See Repayment Options. |
