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Posted by Beth (MONEY FORUMS: 5, Answers: 2)
Asked on September 15, 2015 9:22 am
It depends on how much you can afford to put toward debt each month. The more you can put to debt the sooner you'll be debt free! It's crucial to also account for interest as well. Even with an aggressive strategy of putting $1k per month to debt, it will still take a couple of years to get out of debt, but could be much less than the 10-year Standard Repayment
There's a lot of scenarios with different timelines. The best way to figure it out is to check out the term length on your individual student loans. They can range from 10-30 years. If you are paying more than the minimum, say at $500 per month on a $27,000 loan with 6.8% interest and 10 year term, you can pay it off in 5.4 years. The more aggressive you can get, the shorter your repayment time!
Depends on your income how aggressive you want to get. I know a lot of people say, "Hey, look. I paid off $50k worth of loans this year." In reality, a statement like that doesn't help anyone. You need an answer that depends on your situation. What I can say is to earn as much as possible.
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