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.
Related posts
- What will happen if the stock market crashes?
- How do I start investing in stocks?
- Does anyone know if there is financial aid available for preschool in Alabama or nationwide?
- What's the best high yield investment for $300 a month free money?
- Does the government subsidize student loans for new teachers?
- Where do you find penny stocks on the stock market?
- What is a cheap and easy to use online site for trading stocks?
- What is your current investing strategy? How do you feel about the different investment...?
- How did the economy help start the civil war?
- What are the most stable stocks to day trade or swing trade?
March 12th, 2010 at 11:06 am
send in more money than they suggest and you will pay it off quicker.
March 12th, 2010 at 12:02 pm
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.
March 12th, 2010 at 12:22 pm
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.
March 12th, 2010 at 1:10 pm
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.
March 13th, 2010 at 8:28 am
There are all types of repayment plans. Graduates with more than $30,000 of debt and an income too high to benefit from income-based repayment usually choose the extended government school loans repayment plan. They have lower monthly payments, but it takes 25 years to pay it off.