On average, it takes about 10–20 years to pay off a student loan. But with the right strategy, you can pay off your loans way faster! (I'm about to blow your mind.) Exactly how long it will take you to pay off your student loans depends on your original loan balance, your repayment plan and how much you pay each month.
You're not alone if you are still paying off your student loans from your college education years ago. In fact, many Americans are paying their student loans well into middle age. A 2019 study from New York Life found that the average age when people finally pay off their student loans for good is 45.
A $30,000 private student loan can cost approximately $159.51 per month to $737.38 per month, depending on your interest rate and the term you choose. But, you may be able to cut your cost by comparing your options, improving your credit score or getting a cosigner.
Data Summary. Each year, thousands of medical school students graduate with roughly $3 billion in total student loan debt. In 2023, the median medical school debt was $200,000. Borrowers with medical school debt may take 20-25 years to repay federal loans in income-driven repayment (IDR) plans.
Paying off student loans early can benefit you financially, but it should typically come second to building your emergency fund and retirement savings. People with private student loans or without other debt tend to benefit more from paying off student loans early.
The cost of eight years of medical school, which includes four years of undergraduate education and 4 years of medical school, can be substantial. The combined cost for eight years of education can range from $309,232 to $442,384, excluding additional expenses such as room, board, and books.
Data Summary. The average federal student loan payment is about $302 for bachelor's and $208 for associate degree-completers. The average monthly repayment for master's degree-holders is about $688.
The monthly payment on a $70,000 student loan ranges from $742 to $6,285, depending on the APR and how long the loan lasts. For example, if you take out a $70,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $742.
If you are delinquent on your student loan payment for 90 days or more, your loan servicer will report the delinquency to the national credit bureaus, which can negatively impact your credit rating. If you continue to be delinquent, you risk your loan going into default.
Here's the average debt balances by age group: Gen Z (ages 18 to 23): $9,593. Millennials (ages 24 to 39): $78,396. Gen X (ages 40 to 55): $135,841.
Your interest charges will be added to the amount you owe, causing your loan to grow over time. This can occur if you are in a deferment for an unsubsidized loan or if you have an income-based repayment (IBR) plan and your payments are not large enough to cover the monthly accruing interest.
When you take out a mortgage, you agree to repay the loan over a set timeframe, typically 15 or 30 years. Paying off your mortgage ahead of time can have a lot of benefits for homeowners — including paying less interest, earning equity in your home faster and dropping mortgage insurance earlier.
Roughly 42.7 million Americans have outstanding federal student loan debt — that's about 12.5% of the U.S. population, per census data.
The average debt among recent graduates who took out student loans is nearly $30,000, according to an analysis by U.S. News, so the monthly payment on a 10-year standard repayment plan would be on the higher end of that range – around $300.
With $50,000 in student loan debt, your monthly payments could be quite expensive. Depending on how much debt you have and your interest rate, your payments will likely be about $500 per month or more. Your potential savings from refinancing will vary based on your loan terms.
A federal court issued an injunction preventing the U.S. Department of Education from implementing parts of the Saving on a Valuable Education (SAVE) Plan and other IDR plans. Note: Eligible borrowers may now enroll in PAYE and ICR Plans. We will continue to update StudentAid.gov/saveaction with more information.
How student loans affect your credit score. Student loans are a type of installment loan, similar to a car loan, personal loan, or mortgage. They are part of your credit report, and can impact your payment history, length of your credit history and credit mix. Paying on time could help your score.
The standard repayment plan takes 10 years to pay off a student loan. But repayment can last longer if you change your repayment plan — for example, income-driven options can last up to 25 years. How quickly can I pay off my student loan? You can pay off a student loan as quickly as you're financially able to.
According to the Association of American Medical Colleges (AAMC), the average cost of tuition and fees per academic year is upwards of $41,000 for in-state students at public medical schools and $58,000 for out-of-state students. Private medical schools have an average tuition and fees cost upwards of $60,000.
After Med School
Med students who make it through all four years (and don't worry, most do) will be the proud owner of an MD.
What Is the Cheapest Med School in the US? According to U.S News, the cheapest medical school in the US is the University of Texas Health Science Center, followed by: Texas A&M University. Texas Tech University Health Sciences Center.