How Long Does It Take to Pay Off Student Loans?

Most borrowers are on the standard 10-year plan to repay their federal student loan debt. But that doesn't mean they're able to meet these terms. More than 23 million people over 35 owe some federal student loan debt.

The average time to pay off student loans depends on a borrower's loan amount, interest rate, and how much they can afford to pay each month.

This guide explains the average student loan payoff time and covers typical repayment periods for federal and private student loans.

Average Time to Pay Off Student Loans

It takes 10 years to pay off student loan debt on the standard federal loan repayment plan. However, some undergraduate borrowers may be able to pay off student loans faster by making larger payments.

Average Time to Pay Off Student Loans by Gender and Race

Women and Black students are more likely to take out federal loans and borrow higher amounts on average than male and white students, respectively.^[8] Additionally, income inequality — which includes the gender pay gap and racial wealth gap — impacts borrowers' ability to pay off loans. As such, average student loan payoff times vary by gender and race.

Assuming that borrowers can pay 10% of their monthly income against their student loan debt:

• It would take the average female bachelor's degree-holder about one and a half years longer than the average male to repay their student loans.
• It would take the average Black bachelor's degree-holder almost twice as long as the average white borrower to repay their student loans.

Average Time to Pay Off Graduate Student Loans

Graduate degrees typically cost more than undergraduate degrees. So, graduate students tend to borrow more and can take longer to pay off their loans. While higher degrees correlate with higher earnings^{Note Reference [9]}, graduate degree-holders can still take longer than undergraduate degree-holders to pay off their debt.

If the average master's degree-holder pays 15% of their monthly income against their debt, they could repay their debt in about four years on the average man's salary and almost six and a half years on a woman's salary.

Assuming that a woman with a professional degree graduate owes the average amount of debt and earns the median income for a woman with her degree, it's mathematically impossible for her to repay her debt on this income. Interest would accumulate faster than she could pay down the debt.

How Long Does It Take to Pay Off Federal Student Loans?

The standard federal student loan repayment plan divides monthly payments over 10 years.^[10] However, borrowers have options. Borrowers with multiple federal student loans can consolidate loans and make payments over 10-30 years. In addition, the government offers income-driven repayment plans allowing borrowers to make smaller payments over a longer period.

At the beginning of 2023, there were about 43.8 million total federal student loan borrowers.^{Note Reference [1]}

Standard Student Loan Payoff Time for Federal Loans

• Around 14.3 million federal student loan borrowers (about one-third of all borrowers) are on a repayment plan that lasts 10 years or less.^{Note Reference [1]}
• Of those borrowers, 11.1 million make monthly payments of equal amounts, and 3.2 million make graduated payments. Graduated payments start lower and increase every two years.^{Note Reference [1]}
• At the start of 2023, 27.3 million borrowers — 62% of all federal student loan borrowers — were in forbearance, meaning they do not currently need to make student loan payments.^{Note Reference [1]}
• Before the pandemic, fewer than 3 million borrowers were in forbearance.^{Note Reference [1]} The administrative student loan payment pause is scheduled to end on July 1, 2023.
• Borrowers do not need to begin making student loan payments until six months after leaving or completing their program.^[11]
• 6.1 million current students and 1 million recent grads have not yet entered federal student loan repayment.^{Note Reference [1]}

Extended Repayment for Federal Loans

If you borrow more than $30,000 on a direct loan and have no other outstanding direct loan debt, you can qualify for extended repayment. Extended repayment lasts up to 25 years.^[12]

About 2.2 million borrowers were in extended repayment in December 2022.^{Note Reference [1]}

Average Student Loan Payoff Time After Consolidation

Consolidating student loans can help create more manageable payments. Federal Direct Consolidation Loans last 10-30 years.

To determine your loan term, the government considers how much total debt you have, including debt you are consolidating and any other student loans, including private loans.

Average Student Loan Payoff Time for Income-Driven Repayment Plans

The government offers four income-driven repayment plans. For each, borrowers owe monthly payments based on a percentage of their discretionary income — i.e., what they make above a federally set threshold. The repayment periods for these plans vary. Generally, the repayment period is 20-25 years.^[13]

How Long Does It Take to Pay Off Private Student Loans?

The typical repayment period for a private student loan is 5-20 years. Private lenders assign different terms and interest rates depending on a borrower's credit, income, and other factors. Find a few scenarios below.

Repayment Period After Refinancing

If you're stuck in a high-interest loan, you may be able to lower your monthly payments or become debt-free faster by refinancing with a lower interest rate.

See how repayment periods change with a lower interest rate in the scenarios below.

Frequently Asked Questions About How Long It Takes to Pay Off Student Loans

How long does it take to pay off student loans?

The standard student loan payoff time for federal student loans is 10 years. However, repayment time depends on the loan amount and how much you can pay a month.

A bachelor's degree-holder with the average amount of federal loan debt would need to pay at least $290 a month to pay off their loan in 10 years or less.

When does student loan repayment start?

In November 2022, the Biden administration announced that the federal student loan payment pause will end July 1, 2023. Student loan payments for federal loans have been on pause since March 2020.

When do you have to start paying student loans?

Typically, student loan borrowers begin repaying their federal student loans six months after leaving or completing their program^{Note Reference [11]}, though federal loan payments are currently paused until December 31, 2022.

Some private lenders offer deferment to current students and a six-month grace period after graduation. But this varies, so check with your loan provider.