How Long Does It Take to Pay Off Student Loans?

How Long Does It Take to Pay Off Student Loans?

Paying off student loans depends on factors such as the amount of money the person can pay monthly, the amount of the loan and the interest on the loan, according to Bankrate payment calculators. People who have a plan can pay loans off faster, says U.S. News & World Report.

People who make only the minimum payments on their loans take longer to pay off the loans, explains U.S. News & World Report. To pay student loans off faster, some people move back in with their parents, find roommates and save in other ways, such as avoiding buying bottled water and eating out. Some also get second jobs and sell possessions they do not need for cash.