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Student debt is one of the biggest problems in the current economy. The average person with student debt owes over $37,000. Many people find it challenging to make their monthly student loan payments, let alone pay off the entire loan. 

Not only do you have to worry about how you’ll pay off your student loans, but you also have to worry about the interest accruing on the loan. The average interest rate on a federal student loan is 4.45%. 

That may not seem like much, but it can add up quickly, especially if you take a long to pay off the loan. This post will look at how long it will take you to pay off your student loans based on different repayment plans. 

How Long Does It Take to Repay a Student Loan? 

On average, it takes between 10 and 30 years to repay a student loan. The repayment period depends on the type of loan, the repayment plan you choose, and how much money you make.  

For example, if you have a private loan with a high-interest rate, you may want to choose a repayment plan that allows you to pay off the loan as quickly as possible. On the other hand, if you have a federal loan with a low-interest rate, you may want to choose a repayment plan with lower monthly payments. 

Your loan type also affects how long it will take to repay the loan. Federal loans typically have a more extended repayment period than private loans. This is because federal loans usually have lower interest rates and more flexible repayment options. 

How to Calculate the Duration of Payment 

If you have a student loan, you can estimate how long it will take to repay the loan by using a student loan repayment calculator. This student loan pay-off calculator will consider your loan’s interest rate, the type of loan, and the repayment plan you choose. It will also ask for your current income and the money you expect to make after graduation. 

Based on the information you provide, the calculator will estimate how long it will take you to repay your loan. It will also show you how much interest you will pay over the life of the loan. 

If you’re looking for ways to shorten the repayment period on your student loans, you can do a few things. You can make extra payments on your loan each month. You can also refinance your loans to get a lower interest rate. 

If you have private loans, you may be able to consolidate your loans into one loan with a lower interest rate. 

No matter your repayment plan, it’s essential to make your monthly payments on time. If you miss a payment, you may be charged a late fee. You may also be put into forbearance or deferment, which will increase the amount of time it takes to repay your loan. 

How to Get Out of Debt Faster 

If you’re struggling to make your monthly student loan payments, you can do a few things to get out of debt faster. You can start by looking for ways to lower your monthly payments.  

If you’re making the minimum monthly payment on your loans, it will take you longer to pay off your debt.  

You may also want to consider enrolling in an income-based repayment plan. These repayment plans base your monthly payment on your family size and income. If you’re making less money, your monthly payment will be lower. 

As your income increases, your monthly payment will increase. These repayment plans can help you get out of debt faster because you’ll make bigger payments as your income increases. 

It can take as long as 30 years for most people to pay their student loans. However, there are ways to shorten the repayment period. You can make extra monthly payments, refinance your loans, or enroll in an income-based repayment plan. All of these options will help you get out of debt faster. 

This content is provided by an independent source for informational purposes only and does not contain legal advice. Consult an attorney or financial advisor when making decisions. This information is provided by legal writers and does not reflect the views or opinions of The Daily Sundial editorial staff.