Going to college provides an excellent way to boost your career potential, but finishing college also brings the responsibility of paying back student loans. Lenders are usually willing to work on a payment schedule that fits your financial situation.

Considerations

The amount you pay back per month on a student loan depends on the size of the student loan and the repayment schedule as determined by the lender, according to Bank Rate.

Common Repayment Plan

The standard educational loan requires equal monthly payments over a 10 year period, or 120 months, according to FinAid. Larger loans usually include the option to stretch the repayment plan to 30 years.

Types

Most government education loans require a minimum payment of $50 a month no matter what the balance, reports FinAid.org. Other payment plans will slowly increase the monthly payment over the lifespan of the loan, called a graduated payment plan. Some people may qualify for an income dependent plan, which sets monthly payments based on how much you earn.

Tips

If you have federal education loans then you might want to consider consolidating them. This usually extends the repayment plan and lowers monthly payments, reports FinAid.

Expert Insight

You can get a rough estimate of what your payment schedule will look like by using a debt calculator such as that offered by Adventures in Education.

Source:

Student Loan Debt Calculator

Repayment Plans

Loan Calculator

Resource:

Adventures in Education; College Loan Calculator