What is the average amount of time it takes to pay back college loans?
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.
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.
