Average Student Loan Pay Off Time: Statistics and Examples
Credit: Image Credit: Jeffrey Coolidge / Stone / Getty ImagesData Summary
Student loans can take 5-20 years or longer to repay.- The standard federal student loan repayment time is 10 years, but less than 40% of borrowers are on a repayment plan lasting 10 years or less.[1]
- The average bachelor’s degree graduate would need to make monthly payments of $350 a month or more to repay their loan in under 10 years.
- 2.5 million federal loan borrowers are on an extended repayment plan, which lasts up to 25 years.Note Reference [1]
- Student loan debt varies by race and gender. So does median income.[2] It takes the average female college graduate longer to repay their debt than the average male graduate, and it takes the average Black college graduate longer to repay than the average white graduate.
- It would take the average male professional degree-completer about 15 and a half years to pay off his student loan debt if he spent 15% of his income on repayment. The average female professional degree-completer would take over 42 years.
- Over half of people with student loan debt (55%) are over 35.Note Reference [1]
At the end of 2024, 42.7 million people — including 23.6 million people over the age of 35 — owed some federal student loan debt.Note Reference [1]
The average time to pay off student loans depends on multiple factors, including:
- The loan amount
- The interest rate
- The repayment plan — 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.
| Monthly Payment | Time to Repay Average Student Loan Debt |
|---|---|
| $350 | 9 years, 6 months |
| 10% of monthly earnings | 5 years, 3 months |
| 20% of monthly earnings | 2 years, 5 months |
It is more difficult to determine the average amount of time it takes to repay private student loans. Private student loan servicers offer different interest rates to different people based on various factors, including the borrowers’ credit score.
The table can offer a rough estimate of how long it takes a bachelor’s degree-holder to repay federal and private student loan debt. However, it assumes that students’ private loans have the same interest rate as their federal student loans, which is not always the case.
| Monthly Payment | Time to Repay Average Student Loan Debt |
|---|---|
| $350 | 12 years, 5 months |
| 10% of monthly earnings | 6 years, 7 months |
| 20% of monthly earnings | 3 years |
Behind the Numbers
In the table above and the sections below, we used the following data sources to inform our calculations:
- Bachelor’s degree-completers’ average federal and total student loan debt at graduation in 2022-2023 dollars — overall, by race, and by gender.[3]
- 25- to 34-year-old bachelor’s degree-holders’ median earnings in 2022 — overall, by race, and by gender.Note Reference [2]
- The current federal interest rate for undergraduate student loans: 6.53%.[4]
- Graduate degree-completers’ average federal student loan debt at graduation in 2022-2023 constant dollars5 and median earnings by degree level and gender.[6]
- The current federal interest rate for graduate student loans: 8.08%.Note Reference [4]
Average graduate student loan payoff times do not include borrowers’ debt from their undergraduate studies.
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.Note Reference [3] 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 earnings against their student loan debt:
- It would take the average female bachelor’s degree-holder about a year and a half longer than the average male to repay their federal student loans.
- It would take the average Black bachelor’s degree-holder almost twice as long as the average white borrower to repay their federal 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 [6] 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 and a half years on the average man’s salary and close to seven years on a woman’s salary.
If a graduate degree holder were to devote 10% of their income to repaying student loan debt, repayment would take longer.
Assuming that a professional degree graduate owes the average amount of debt and earns the median income for someone with that degree, it’s mathematically impossible to repay their debt by only paying 10% of their monthly earnings. Interest would accumulate faster than they could pay down the debt.
| Degree Level | Student Loan Payoff Time (Men) | Student Loan Payoff Time (Women) |
|---|---|---|
| Master’s Degree | 7 years, 9 months | 12 years, 5 months |
| Doctoral Degree | 10 years, 5 months | 12 years, 11 months |
| Professional Degree | Impossible* | Impossible* |
How Long Does It Take to Pay Off Federal Student Loans?
The standard federal student loan repayment plan divides monthly payments over 10 years.[7] 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.
Standard Student Loan Payoff Time for Federal Loans
- Around 16.6 million federal student loan borrowers are on a repayment plan that lasts 10 years or less.Note Reference [1] That’s just under 39% of all borrowers.
- Of those borrowers, 14.2 million make monthly payments of equal amounts, and 2.5 million make graduated payments. Graduated payments start lower and increase every two years.Note Reference [1]
- At the end of 2024, 9 million borrowers were in forbearance, meaning they do not currently need to make student loan payments.Note Reference [1]
- Borrowers do not need to begin making student loan payments until six months after leaving or completing their program.[8]
- 6.1 million current students and 1.6 million recent graduates 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.[9]
About 2.5 million borrowers were in extended repayment at the end of 2024.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.
| Total Student Loan Debt | Repayment Period |
|---|---|
| Less than $7,500 | 10 years |
| $7,500-$9,999 | 12 years |
| $10,000-$19,999 | 15 years |
| $20,000-$39,999 | 20 years |
| $40,000-$59,999 | 25 years |
| >$60,000 | 30 years |
Average Student Loan Payoff Time for Income-Driven Repayment Plans
The government typically offers four income-driven repayment (IDR) plans for federal student loan borrowers. 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, but borrowers can pay off their loans sooner if their financial situation changes.[10]
UPDATE: The Department of Education removed the online application for all IDR plans on Feb. 21, 2025. The department cited a decision from the 8th U.S. Circuit Court of Appeals as the reason for pulling the online program. It’s unclear if and when the applications will be available again.
The department placed borrowers enrolled in the Saving on a Valuable Education (SAVE) repayment plan into administrative forbearance in summer 2024 due to an earlier court decision. During forbearance, borrowers don’t need to make student loan payments and interest will not accrue on that debt.
Income-Based Repayment: 20-25 Years
- Borrowers must owe more than their annual discretionary income to qualify for this plan.
- Borrowers pay 10-15% of their monthly discretionary income.
- 2.8 million borrowers are on this plan.Note Reference [1]
Income-Contingent Repayment: 25 Years
- Most federal loans, including consolidated loans, are eligible for this plan.
- Borrowers pay 20% of their monthly discretionary income.
- 1.2 million borrowers are on this plan.Note Reference [1]
Pay-As-You-Earn (PAYE) Repayment: 20 Years
- Only new borrowers qualify for this plan.
- To qualify, borrowers must owe more than their annual discretionary income.
- Borrowers pay 10% of their monthly discretionary income.
- 1.3 million borrowers are on this plan.Note Reference [1]
SAVE (formerly REPAYE) Repayment: 20 Years or Less
- Most federal loans — except loans made to parents — are eligible for this plan.
- Borrowers pay 10% of their monthly discretionary income.
- 9 million borrowers are on this plan.Note Reference [1]
| Income-Driven Repayment Plan | Repayment Period | Payment Amount (% of Discretionary Income) | Number of Borrowers |
|---|---|---|---|
| Income-Based Repayment | 20-25 years | 10-15% | 3.3 million |
| Income-Contingent Repayment | 25 years | 20% | 820,000 |
| Pay-As-You-Earn (PAYE) | 20 years | 10% | 1.5 million |
| SAVE (Formerly REPAYE) | 20 years or less | 10% | 9 million |
How Long Does It Take to Pay Off Private Student Loans?
Private student loan interest rates vary. They can take 3-30 years to repay. Private lenders assign different terms and interest rates depending on a borrower’s credit, income, and other factors. Find a few scenarios below.
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.
Behind the Numbers
- We sampled six private lenders and found an average fixed interest rate of 8.8% and an average refinance rate of 7.5%.
- Keep in mind that some private lenders offer loans with variable interest rates, meaning that the interest rate and your payment may change monthly. The repayment period will not change.
Frequently Asked Questions About How Long It Takes 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.
Let’s say you had a $20,000 student loan with an 8.8% interest rate. If you made monthly payments of $250, you would repay the loan in 10 years and one month.