How Long Did it Take You to Pay Off Your Student Loans?

[Gunslinger08]

I had scholarships to pay for tuition. I took out loans to cover living costs. Graduated with about 18k and I have about 10k left. I think my original term was 15 years. I'll probably start paying more than the minimum when our cars are paid off. The rates on our loans are low and the interest is still tax deductible, so it's not a huge rush to pay them off.

 

[96Firebird]

Started with $44k, right now I am down to $38k at about 9 months. Could have paid off my $10k @ 10% loan, but I decided to put a majority of that towards a car I wanted. Might as well live life while I'm still young, glad I made that purchase.

While my parents didn't pay my way through college, they did pay my rent while I was in college. I feel that is a better way to do it, because since I was paying for my own schooling, I was inclined to do my best. I pay about $800/month towards my student loans right now, and make $50k/year salary.

 

[brainhulk]

graduated 2004 120k in debt. i did the 25 year plan @ 1.9%

 

[Linflas]

Exactly the amount of time I signed the contract for, 10 years.

 

[D1gger]

Graduated in 1981 with about $10k in loans. Paid it off in 1 year.

 

[SunnyD]

about another 40 years.

 

[Kreon]

10K in loans, I plan to have it paid off within 2 years.

 

[serp]

I had about 30k that I paid off in about 5 years. I lived like a pauper to get it paid off. I did the same thing until I paid off my house. Now it's all bling.

 

[JimmiG]

At the current rate, it's going to take over 10 years to pay back $12k. My current job doesn't pay very well, and I need to so save up to have some margins for unexpected expenses. I only pay what is required by the contract ($250 four times a year), but I plan to pay a larger sum at the end of the year if I have some extra money left over.

If/when I get a better job, I should be able to finish paying it off in 2-3 years.

 

[Imp]

Mommy and daddy paid for undergrad. Graduate I paid by working part-time and cleared my balance of a few grand two months after I graduated and was sent the "balance remaining" bill.