What is the average amount of time it takes to pay back college loans?
I lived in a fantasy land when I thought, this silly little pamphlet, in which Student Loan Finance Corporation focus on the payment plan, all I had to pay. I never realized how many bloody years until I actually called these creatures today. So I wonder what the average amount of time it takes for people to repay their student loans? and why you have to repay the loan on a car 20 more in five years, but college credit for the same amount is 18 or something crazy? Thank you.
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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.
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.