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.
How much do you need to borrow?
The cost of college education varies considerably, depending on the choice between public, private and intra-state or extra-state, scholarships, grants and, of course, student loans. To get a general idea, consider the following searches:
Average college costs, academic year 2017-18
|Public College||€ 3,570||€ 8,400||€ 1,420||$ 4,190||$ 17,580|
|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 non-profit college||$ 34,740||$ 12,210||€ 1,220||€ 2,730||€ 50,900|
Source: College College 2017 College Pricing Trends
Things to learn about student loans
If you consider the cost of university studies, repaying a student loan can seem quite daunting. Before discouraging yourself, consider this possibility: you may not need to borrow as much as you thought.
According to a 2016 report by student loan company Sander Fosler, student loans to pay for university education accounted for an average of 13% of total costs, while parental loans averaged 7%. So where does the rest of the money come from? Sander Fosler’s report is as follows:
- 34% – Grants and Grants
- 29% – Income and savings of parents
- 20% – borrowing by students and parents (combined)
- 12% – Student and savings income
- 5% – Help from relatives and friends
Although estimates vary, the typical student borrower has about € 37,000 of college loan. Although this number is not a reasonable sum, it is manageable – especially if you follow expert advice on how to pay off your student loan quickly.
The first things first. Learn, use the student loan calculator to estimate your repayment schedule and get the best deal from one of the best lenders in the country.