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Student Loan Forgiveness Probably Isnt Coming. Heres How Long Itll Take You to Pay Off Your Loans

Student Loan Forgiveness Probably Isnt Coming. Heres How Long Itll Take You to Pay Off Your Loans

Even as progressive legislators call on President Biden to follow through on his campaign promise to wipe away at least $10,000 of student debt per individual borrower, some 43 million people still carry a student loan balance. White House Press Secretary Jen Psaki indicated in a Dec. 10 press conference that the student loan freeze set to expire at the end of will not be extended, so those with outstanding student loans should expect their payments to return in February.

Depending on the type of loans you have and your repayment plan, you could be in debt for a long time. A survey from Intelligent found that one in 10 student loan borrowers are still in debt 20 years after graduation. And as long as you’re required to make monthly payments toward your loans, it can be difficult to save for other goals or plan for the future.

While two decades sounds like a long time, it helps to map out a timeline of your loan repayment schedule. Continue reading to learn about the typical student loan repayment time and what you can do to pay off student loans faster.

When Will Your Student Loans Be Paid Off?

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The length of time you’re paying off student loans will vary based on the type of loans you have and your repayment plan. If you aren’t sure what plan you’re on or what your loan term is, contact your loan servicer.