How long will it take to pay off my student loans?.When do I have to start paying off my student loan?.When does interest accrue on my student loans?.Why is it important to know the interest rate and terms on my student loans?.It’s usually best to pick the shortest term you can afford to keep your interest costs as low as possible.įrequently asked questions: Student loans and interest rates Choosing a longer term could help you get a low monthly payment - however, it also means you’ll pay more in interest over time. Repayment term: Federal student loan terms can range from 10 to 30 years (depending on your repayment plan) while private loan terms typically range from five to 20 years (depending on the lender).This means you might end up paying more or less in interest according to your loan’s rate type. A variable rate, on the other hand, can fluctuate over time depending on market conditions, so your payments could rise or fall. With a fixed rate, your payments will stay the same throughout the life of the loan.
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