How long will it take to pay off my student loan? Bankrate’s Student Loan Calculator can help students and their families find the answer.
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The cost of a college education varies widely, depending on the choice of public vs. private and in-state vs. out-of state, scholarships, grants and, of course, student loans. To get a general idea, though, consider the following research:
|Tuition and fees||Room and board||Books and supplies||Transportation and other||Total|
|Public college (in-state)||$9,970||$10,800||$1,250||$3,270||$25,290|
|Public college (out-of-state)||$25,620||$10,800||$1,250||$3,270||$40,940|
|Private college (not-for-profit)||$34,740||$12,210||$1,220||$2,730||$50,900|
Source: The College Board’s Trends in College Pricing 2017
Looking at the costs of going to college, student loan repayment may seem pretty intimidating. Before you get discouraged, consider this possibility: You may not have to borrow as much money as you think.
According to a 2016 report by the student loan company Sallie Mae, student borrowing to pay for college averaged just 13% of the total cost while parent borrowing averaged 7%. So where does the rest of the money come from? The Sallie Mae report shakes out like this:
34% — Scholarships and grants
29% — Parent income and savings
20% — Student and parent borrowing (combined)
12% — Student income and savings
5% — Help from relatives and friends
Although estimates vary, today’s typical student borrower graduates with about $37,000 in college loan debt. While that number is no tidy sum, it is manageable — especially if you follow some expert advice on ways to repay your student loans fast.
First things first, though. Educate yourself, use the student loan calculator to estimate your repayment schedule, and get the best deal from one of the country’s best lenders.
How can you get out from under that debt quickly? Here are five of the fastest ways to pay off that student loan.
If you are having trouble making your student loan payments, there are options to help you cover the debt. Learn how to avoid defaulting on loan debt.
Learn about all the options available before taking out a private student loan. Here is what you need to know about private student loans.