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How Long Does It Take To Pay Off Student Loans?

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It is crystal evident that student loans play an imperative role in the enrollment and completion of post-secondary studies. Nonetheless, there is a need to consider the student loan repayment terms before choosing any financial aid. How long does it take to pay off student loans?

The majority of the students keep asking this question. Below are facts that will help answer the question.

How Long Does It Take To Pay Off Student Loans?

Americans owe the federal government more than $1 trillion of student loans. The number of Americans with student loan debts is increasing day by day.

As a result, the student loan repayment journey has remained a non-ending one.

The predefined student loan repayment period is ten years. Nonetheless, many Americans always find it impossible to complete the repayment within ten years.

Research shows that many people take around 20 years to repay their bachelor’s degree student loan debt fully.

The repayment period differs since students owe different amounts on student loans.

What Is The Average Student Loan Amount Or Debt?

The amount that a student received as a student loan differs from what another student received. Therefore, the average student loan debt is around $22,900. The amount is subject to increase since some universities are charge high rates than others.

What Is The Average Student Loan Repayment Duration?

The majority of the students owe around $20,000-$40,000 of student loans. After graduation, many anticipate paying the debt within ten years.

Nonetheless, the Department of Education has been witnessing 20 years repayment duration for the student loans.

Different Types Of Student Loans Debt Repayment

There are different modes of repayment to choose from. It is the repayment mode that determines the interest rates as well as repayment duration.

Pinpointed below are the commonly known student loan repayment modes or plans.

  • Standard repayment
  • Income-oriented student loan repayment
  • Loan Forgiveness

Standard Repayment

As noted above, the predefined student loan repayment duration is ten years. The standard repayment option enables a student to make fixed monthly deposits after graduation for the next ten years.

The repayments help reduce the debt progressively while maintaining amicable interest rates.

Income-Oriented Student Loan Repayment

The majority of students ignore the standard repayment option following the high fixed monthly installments they are required to pay.

It is not always that the standard repayment option gets feasible for all. Nonetheless, all hope is not lost as one can settle for the income-based repayment program.

An income-focused repayment option helps graduates a platform to repay their student loans in smaller and affordable installments.

The government, through the Department of Education, offers four options to graduates considering the income-based repayment model.

  • REPAY (Revised Pay as You Earn)
  • PAYE (Pay as You Earn)
  • Income-based repayment
  • Income-contingent repayment

The income-based repayment plan is friendly for graduates since one pays smaller amounts every month. However, the interest one pays is higher as compared to the standard repayment option.

Loan Forgiveness

 Loan forgiveness is a possibility for government employees and some non-profit personnel. The plan entails graduates paying nothing at all. Nonetheless, you need to apply for eligibility. Following loan forgiveness eligibility, you will be required to make around 120 loan repayments.

Are There Ways To Pay Off Student loans faster?

Many graduates perceive the student loan repayment journey to be daunting and entirely hassling.

Nonetheless, there are ways through which one can simplify the process extensively hence shortening the repayment period.

Below are ways through which you can pay off your student loans faster.

  • Refinance
  •  Consolidate
  • Make extra monthly repayments
  • Add some cash to your monthly installments


Refinancing is a possibility where the graduate is employed. Through refinancing, you will have to choose between the fixed and variable interest rates.

Through a refinance, you will manage to lower the interest rates as well as your monthly installments.


You can have your entire federal student loan consolidated into a single direct consolidation loan.

The consolidation does not affect the interest rates or the total amount. However,it helps you finance all your federal student debt as a single bill. Nonetheless, loan consolidation could attract a slightly higher interest rate.

Make Extra Monthly Repayments

It’s not necessarily about increasing your monthly installments. However, you can have extra payments designated towards the repayment of the loan.

Therefore, whenever you have extra cash, an extra repayment would help service the debt faster.

When making the extra payments, consider informing your servicer of its purpose.

The extra cash must be designated for the current month repayment and not the coming months.

Add Some Cash To Your Monthly Installments

It is possible to increase your monthly installments and make them higher.

There are instances when graduates spend their money on things that aren’t basic.

Eliminating unwanted monthly expenses will help you increase your student loan repayment installments.

 Undisputable Guidelines To Help You Pay Off Your Student Loan Fast

As a graduate, you need to make sober and wise financial decisions. Garnering adequate information will help you do that.

Student loans are hefty, but with proper planning, the process gets simpler. Below are tips to consider.

  • Get side hustles
  •  Understand your student loans
  • Take advantage of tax deductions

 Get Side Hustles

You need to generate extra income by identifying side hustles. The side hustle will help you service the student loans faster. This can also help to fund other future anticipations that you have.

 Understand Your Student Loans

Being organized will enable you to service the student loan faster. Therefore, ensure to obtain an updated copy of your student loan and interest accrued.

The copy will help you plan your monthly payments and monitor the progress. Be smart and define your student loan repayment goals clearly.

Take Advantage Of Tax Deductions

Information is power. You need to understand the taxation process and the deductions you are eligible for. Take advantage of the tax deductions and credits you discover.


Remarkable financial decisions must be made, which will shorten the student loan repayment period. Therefore, ensure that you look out for programs and models that make it possible for you to repay the debt faster. 

How long on average does it take to pay back student loans?

According to research, the typical repayment period of $20,000-40,000 is 20 years.

How long does it take to pay off 100k in student loans?

You can pay the money within ten years if you pay $1,151 monthly installments.

How long does it take to process a student loan payment?

It takes 1-3 weeks to process a federal loan and 2-10 weeks to service a private student loan

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