It depends on your loan term and how much you borrowed. Federal student loans come with repayment periods of 10 to 25 years, while it’s common to see private loan terms between five and 15 years.
Regardless of your agreed loan term, it can be smart to pay off your loans ahead of schedule if you can afford to. You won’t encounter prepayment fees in student lending, and getting out of debt sooner can save thousands in interest.
Learn More: Use a student loan repayment calculator to see how much you could save by making extra payments on your student loans.