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How to pay large student loans?

How long can you take to pay back student loans? ?

  • I am a student and so far I have had to take out student loans to pay for school. I had the HOPE scholarship but when i transfered to online school i lost it. I was wondering if since it is a student loan if they are really strict about paying it back in like 10 years or can you take like 20 or 30 years to pay one back? Thankyou for your help in advance.

  • Answer:

    Federal loans like the Stafford and Perkins are automatically put on a 10 year repayment plan. Private student loans are usually 15 years or more. Your paperwork should have your terms listed.

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If there are extenuating circumstances they may allow you additional time, but it depends on the lender. If you find that you are having trouble paying it off contact them immediately and make arrangements to pay a smaller amount. You may also be able to file for a forbearance or deferment or even switch your repayment plan. The best thing that you can do if you need more time is to stay in contact with them. It shows that you are dependable and they will be more willing to work with you. I agreed to pay the interest on my loans while I'm in school so it wouldn't be so huge once I get out. That might be something you can look into.

Kim B

Most companies give you 6 months period after graduation to start re paying your loan. I remember that in my promissory note, it said that if I was making my payments, but haven't paid everything off in 15 years, then they would give me a penalization fee. It's like more interests and crap. I don't know how much tho'

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