Average Time to Repay Student Loans: 2025 Statistics & Data

by Imed Bouchrika, Phd

Co-Founder and Chief Data Scientist

Share

For many students, pursuing a college education goes hand in hand with taking on a huge amount of student debt. Unfortunately, carrying student debt has been shown to have negative consequences on a person’s financial state. This is especially since the average time to repay student loans clocks in at 20 to 30 years.

Statistical data further indicates that the state of student debt impacts a nation’s economy to a certain extent. All these negative effects are even more unfortunate in light of the fourth industrial revolution, the advanced technologies of which may be easier to master for those who have a college degree.

Over 40 million Americans are affected by the student debt crisis. This article delves further into the details of the crisis: the average time to repay student loans, the history of the crisis, the people who are affected the most, and lastly, the proposed solutions.

Repaying Student Debt 2025 Table of Contents

1. How Long Does It Take to Repay Student Loans for 2025?
2. How Did U.S. Student Loans Become a $1.6 Trillion Crisis?
3. Who Owes the Debt?
4. Is Debt Forgiveness Possible?
5. What expenses can student loans cover beyond tuition fees?
6. Strategies to Pay Off Student Loans Faster
7. Can Refinancing and Consolidation Reduce My Loan Burden?
8. How does student loan debt impact career and life choices?
9. Are scholarships and grants sufficient to lower student debt?
10. Is an online associate degree a viable option to reduce student debt?
11. Exploring Alternatives to Traditional College Pathways
12. Understanding Borrowers with Specialized Career Paths
13. Can a targeted master's degree reduce the burden of student loans?
14. Can cost-effective online graduate programs significantly reduce student debt?
15. Can employer-sponsored repayment programs effectively reduce student debt?
16. Are High-Paying Careers Available Without a College Degree?
17. Can affordable doctorate degrees offer a sustainable solution for managing student debt?
18. Can a quick associate degree effectively lower overall student debt?
19. Are bachelor's degrees a smart strategy for reducing student debt?
20. Is an Affordable Bachelor's Degree a Smart Strategy for Reducing Debt?
21. Are Online Trade Schools a Viable Debt-Reduction Pathway?
22. Are Private Student Loans for Summer Classes a Viable Option for Debt Management?
23. Are Accredited Online Schools a Viable Option for Reducing Educational Costs?
24. Can Short College Programs Provide a Rapid Route to Debt Reduction?
25. Can Student Loans Cover Housing Expenses?

How Long Does It Take to Repay Student Loans for 2025?

The issue of student loan debt in America, which is now widely recognized as a national crisis, is prompting many students to weigh college cost and benefits. One of the essential questions that come into their minds is “How long will it take to repay my student loans?"

A survey with 61,000 respondents revealed that it takes borrowers more than two decades to pay student loan debt, on average. Among individuals who count towards the college drop out rate and did not attain a degree, the average time to pay off student loans is 17 years.

In comparison, individuals with graduate degrees—master’s or PhD degrees—take longer to pay off their student debt. For these students, repayment usually lasts 23 years. The above averages are well within the terms of repayment plans, which range from 10 to 30 years. Below is the list of options for students, sourced from the website of the Federal Student Aid. So, the answer to the “how long does it take to pay off student loans" question really depends on many different factors, from financial aid terms and the ROI for a particular degree.

Standard Repayment Plans: 10-30 years

Graduate Repayment Plans: 10-30 years

Extended Repayment Plans: 25 years

Income-Sensitive Repayment Plan: 15 years

Income-Driven Repayment Plans: 20-25 years

• Revised Pay as You Earn (REPAYE) Repayment Plan: 20 years (for undergraduate study) or 25 years (for graduate study)
• Pay as You Earn (PAYE) Repayment Plan: 20 years
• Income-Based Repayment (IBR) Plan: 20 years (new borrowers on or before July 1, 2014) 25 years (not new borrowers on or after July 1, 2014)
• Income-Contingent Repayment (ICR) Plan: 25 years

According to the National Center for Education Statistics (NCES), non-completers are more likely to default or stop paying for 270 days than people who attained bachelor’s degrees. Of non-completers, only 18.7% were able to pay off without defaulting 12 years after they started college. Meanwhile, in the same amount of time, 50% of completers were able to pay off without defaulting.

Majority of the student debt literature point toward institutional-based rather than individual-based solutions. After all, if the burden is to fall on individuals, then student loan debt is no different from any other debt.

Nevertheless, there are calculators available online that help individual borrowers estimate the time it will take them to repay loans. Here are some tools that you can use to estimate the average student loan payment time:

• Loan Simulator by Federal Student Aid
• Student Loan Calculators by Warren Democrats
• Student Loan Payoff Calculator by Nerd Wallet

How Did U.S. Student Loans Become a $1.6 Trillion Crisis?

In 1958, the first student loan programs were instituted through the National Defense Education Act (NDEA). The U.S. Congress passed NDEA into law to aid the nation’s technological advancements. Russia’s launch of Sputnik a year prior especially prompted the decision.

In 1965, U.S. started offering need-based loans and grants to students through the Higher Education Act. This law authorized several student financial assistance programs, including Pell Grants, TEACH Grants, Federal Family Education Loan (FFEL) Program, and Direct Loan Program, among others.

Between 1980 and 1985, the Reagan administration cut the student aid budget by about 25%. With the decrease of state support, individuals needed to take on more of the burden of education costs. Many experts claim that the high cost of education in America today, and consequently the rise of student loans, can be traced back to this era.

During the Great Recession in 2008, people looked at college education as a way to build marketable skills. Both enrollment and tuition cost reached a new high then.

Today, the nation is facing another recession, brought about by the COVID-19 pandemic. Only this time, college has become more unaffordable and, not surprisingly, many people are questioning the benefits of college education.

In 2019, more than six out of 10 college students graduated with debt. They owed an average of $28,950, 56% higher than the average student loan debt of graduates in 2004.

The collective student debt of $1.6 trillion continues to rise and is projected to reach $2 trillion by 2024 and $3 trillion by 2038 (SavingforCollege.com).

Who Owes the Debt?

Over 45 million or 20% of the American adult population carry student debt. Some argue that its being both a systemic failure and having negative consequences on the national level make it every American’s problem.

The discussion of indebtedness in relation to attaining a university education should not be financially abstracted; rather, it should be grounded on the social and economic realities from which it emerges (Feige & Yen, 2021).

Every systemic failure has its own intersectional impact. Here is a quick look:

• Student debt is a multigenerational problem. People who are aged 50-61 have the largest average student debt among all age groups, amounting to $43,333 per borrower; closely followed by people aged 62 and above, with an average debt of $43,182.
• Student debt is a civil rights issue. The numbers say it all: 95% of an average black borrowers’ total debt remain unpaid 20 years after starting college, 49% of black borrowers have defaulted, and 40% of black borrowers drop out of college and struggle to pay off their loans
• Student debt reinforces the gender wealth gap. Two-thirds of all outstanding student debt is owed by women.
• Student debt perpetuates wealth inequalities. First-generation college students are more likely to incur debt than students with parents who are college graduates.

Is Debt Forgiveness Possible?

The approval rate for debt forgiveness has been historically low. Only 26% has been approved for Borrower Defense to Repayment, 2.1% for Public Service Loan Forgiveness, and 0.0008% for Income-Driven Repayment Forgiveness.

Last March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed by the U.S. Congress. It halted the collection of payments for student loans from March 30, 2020 to September 31, 2021. A coalition of 128 organizations submitted a letter urging the Biden administration to extend the student loan payment pause.

There are a lot of ongoing discussions on student debt cancellation. It is one of the many proposals for solving the student debt crisis. The Aspen Institute’s Expanding Prosperity Impact Collaborative listed 16 proposals sorted into the following categories:

1. Income-Driven Repayment (IDR) reforms
2. Targeted cancellation
3. Cancellation capped at $10000-$50000 per borrower
4. Full cancellation.

Right now, the discussion is gearing toward the third option. Although many activists and supporters of borrowers are still pushing for the last one.

The Center for Law and Social Policy enumerated 10 reasons to cancel student debt. The list includes its significant intergenerational, anti-poverty effects and its potential to advance gender and racial equity.

The opposition contends that canceling student debt will benefit the wealthy and will not be fair to students who worked hard to pay their debts.

What expenses can student loans cover beyond tuition fees?

Student loans are not limited to covering tuition and fees. They can also be used to address various living and educational expenses, making it possible for students to manage the financial demands of college life. Below is a breakdown of the types of expenses that student loans can cover:

• Housing and Utilities: Whether you live on-campus in a dorm or off-campus in an apartment, student loans can cover rent, utilities, and related housing costs.
• Food and Groceries: Loans can help pay for meal plans or grocery expenses, ensuring students have access to adequate nutrition.
• Transportation: Commuting costs, such as gas, public transportation, or even car maintenance, can be financed through student loans.
• Books and Supplies: From textbooks to lab equipment and other necessary supplies, loans can fund essential academic materials.
• Technology Needs: Laptops, software, and other technology required for coursework are eligible expenses.
• Childcare: For student-parents, loans can cover childcare expenses, making it easier to balance academic and family responsibilities.
• Personal Expenses: Items like clothing, hygiene products, and health insurance premiums may also be included in your budget.

If you’re unsure how to budget your loan funds effectively, explore our guide on additional student loans for living expenses. It provides actionable insights to help students optimize their loan usage.

Understanding what student loans can cover is crucial for maximizing their value and reducing financial stress while pursuing your education.

Strategies to Pay Off Student Loans Faster

Paying off student loans faster can reduce overall interest costs and free up finances for other goals, such as pursuing the cheapest master’s degree online to advance careers. Here are practical strategies to accelerate loan repayment:

• Make Extra Payments: Allocating additional funds toward your loan principal can significantly reduce the repayment timeline. Even small extra payments each month can save you thousands over time.
• Refinance for Lower Interest Rates: Refinancing student loans can help borrowers with good credit secure lower interest rates. This reduces the total amount owed and shortens repayment terms. However, be cautious about refinancing federal loans, as it eliminates access to forgiveness programs and income-driven plans.
• Choose the Right Repayment Plan: Opt for shorter repayment plans if financially feasible. For example, a 10-year plan may involve higher monthly payments but allows you to pay off loans quicker than income-driven or extended plans.
• Round Up Payments: Rounding up your monthly payments to the nearest $50 or $100 adds an extra cushion, allowing you to reduce the principal balance faster without feeling overwhelmed.
• Use Windfalls Wisely: Apply tax refunds, bonuses, or monetary gifts directly to student loans. These one-time payments can significantly reduce your debt load.
• Minimize Lifestyle Inflation: Keep your living expenses in check, even after pay raises or promotions. Direct the additional income toward your student loans instead.
• Explore Forgiveness or Assistance Programs: If eligible, leverage public service loan forgiveness, employer repayment assistance, or state-specific forgiveness options to ease your financial burden.
• Earn Additional Income: Taking on side gigs or freelance work can generate extra funds to allocate toward loans. Using platforms like Upwork or freelance marketplaces can make this easier.

Can Refinancing and Consolidation Reduce My Loan Burden?

Refinancing and consolidation offer borrowers an alternative means to manage student loan debt by potentially lowering interest rates and simplifying repayment plans. Evaluating available options, borrowers may reassemble multiple federal and private loans into a single loan with more favorable terms, which can reduce monthly payments and overall interest costs. However, loan refinancing may result in the loss of certain federal benefits such as income-driven repayment plans and loan forgiveness options. It is essential to compare terms and assess long-term financial goals when considering these strategies. For an in-depth analysis of available refinancing options and associated benefits, please refer to College Ave.

How does student loan debt impact career and life choices?

Student loan debt often significantly influences the career and personal life choices of borrowers. For many, the burden of repayment can steer them toward certain professions, delay major life milestones, and limit their financial freedom.

• Influence on Career Choices: Debt can restrict recent graduates’ career paths, pushing them toward higher-paying jobs that may not align with their passions. High monthly payments often mean borrowers prioritize financially stable or high-income roles over public service or non-profit sectors, despite interest in those areas.
• Delayed Homeownership: Student loan debt can delay or prevent home purchases for many borrowers. The need to maintain a low debt-to-income ratio affects mortgage eligibility, while monthly loan payments reduce savings potential for a down payment.
• Postponed Family Planning: Many borrowers delay marriage and family planning due to financial insecurity. Managing loan repayment often takes priority over these life milestones, which has implications for both family dynamics and demographic trends.
• Reduced Entrepreneurship Opportunities: With existing debt obligations, borrowers may feel unable to take on additional financial risk, such as launching a business. This impacts entrepreneurship rates, as young adults with student debt often lack the necessary capital and stability to pursue self-employment.
• Psychological and Emotional Effects: Persistent debt can lead to stress, anxiety, and depression, as individuals struggle with long-term financial obligations. This debt burden can affect well-being, work-life balance, and mental health, influencing personal and professional satisfaction.

Are scholarships and grants sufficient to lower student debt?

In addition to loans and refinancing strategies, non-repayable awards present a strategic avenue for reducing overall debt. Scholarships, grants, and work-study programs alleviate the need to borrow by directly supporting tuition and related costs. Prospective students should investigate opportunities offered by institutions, community organizations, and state programs that match academic merit or financial need. Evaluating these options can highlight more affordable routes, such as cheap online colleges that accept FAFSA, which combine cost-efficiency with quality education without incurring additional debt.

Is an online associate degree a viable option to reduce student debt?

Online associate degree programs provide a streamlined educational pathway with lower tuition costs and a shorter duration compared to traditional four-year degrees. This alternative can significantly lessen financial burdens by enabling students to enter the workforce sooner and reduce overall borrowing. By choosing an online associate degree, individuals may acquire essential, career-focused skills efficiently while keeping student debt at manageable levels.

Exploring Alternatives to Traditional College Pathways

For individuals concerned about the long-term financial burden of student loans, alternative education paths may provide a viable solution. One compelling option is enrolling in online accelerated degree programs, which allow students to earn a bachelor's degree in a shorter time frame compared to traditional formats. These programs are not only cost-effective but also flexible, catering to students who wish to balance work, family, or other commitments alongside their education.

By reducing the time to graduation, students may significantly decrease costs associated with prolonged college attendance, such as tuition, housing, and living expenses. Additionally, the opportunity to enter the workforce earlier can bolster earning potential, giving graduates a financial head start in tackling any remaining student loan debt.

Attending an online accelerated degree program also aligns with the demands of today’s fast-paced job market, where adaptability and timely skill acquisition are critical. This approach allows prospective students to achieve their academic goals without succumbing to decades of repayment obligations, making it an attractive alternative for those looking to optimize their educational investment.

Before committing to a specific program, prospective students should evaluate their goals and the program's offerings to ensure a strong alignment with their career aspirations and financial objectives.

Understanding Borrowers with Specialized Career Paths

Not all student loan borrowers follow traditional paths, and specialized careers often bring unique financial challenges. For instance, aspiring veterinarians face the dual challenge of high tuition costs and specialized training expenses. Vet school students typically rely on a combination of student loans to cover tuition, living costs, and necessary equipment. However, this financial investment can lead to significant debt, with graduates shouldering hefty repayment obligations.

Understanding the nuances of such career paths is vital when considering strategies for effective loan management. For instance, prospective veterinary students can assess their funding options early by exploring solutions tailored to their needs. For more insights on funding opportunities and repayment strategies, readers can consult this resource on how much is vet school loans.

Borrowers entering specialized fields often benefit from targeted financial literacy and counseling tailored to their industry. These measures can help mitigate the risks and long-term impact of student debt, enabling them to focus on maximizing the return on their educational investment.

Can a targeted master's degree reduce the burden of student loans?

For students evaluating postgraduate options, assessing the impact of a master's degree on long-term financial health is essential. Graduates from focused programs in growing industries often experience accelerated income growth, which may shorten repayment periods and ease overall debt burdens. When comparing programs, it is crucial to examine curriculum relevance, post-graduation employment outcomes, and the potential return on investment. Detailed research into cost-effective options—such as what is the easiest master's degree to get—can provide valuable insights for students aiming to balance academic advancement with manageable debt levels.

Can cost-effective online graduate programs significantly reduce student debt?

Cost-effective online graduate programs offer an alternative route for students seeking advanced credentials without incurring the high costs typical of traditional campus-based education. These programs often feature condensed schedules and lower tuition fees, which can alleviate financial pressures and shorten the pathway to a higher income. For students prioritizing debt reduction, researching options such as easiest online grad schools to get into may reveal opportunities that combine immediate affordability with favorable career outcomes. A careful review of program efficiency, support services, and employment statistics is essential to ensure that these educational investments deliver a strong return while keeping student debt manageable.

Can employer-sponsored repayment programs effectively reduce student debt?

Employer-funded student loan repayment assistance is emerging as a strategic benefit that can substantially ease the long-term financial burden on borrowers. Many employers now offer structured programs—ranging from direct contributions to matching payments—as part of comprehensive benefits packages designed to boost employee financial health and retention. These programs vary widely in eligibility, contribution levels, and conditions, so it is essential for individuals to assess their offers in the context of overall financial planning and career goals. Additionally, integrating career development options, such as accelerated degree programs online, can further enhance earning potential and accelerate debt repayment.

Are High-Paying Careers Available Without a College Degree?

Alternative routes through vocational training and certifications offer a streamlined pathway into high-demand, well-compensated fields without the prolonged financial commitment of a traditional four-year degree. Targeted programs in technical trades, healthcare, and other specialized industries provide hands-on learning that equips professionals with the skills necessary for immediate job entry and career advancement. For example, candidates can explore opportunities in sectors where industry-specific training not only minimizes educational expenses but also accelerates entry into the workforce, thereby reducing reliance on student loans. Consider opportunities in healthcare jobs no degree needed as a prime illustration of how targeted credentialing can lead to competitive salaries and long-term economic stability.

Can affordable doctorate degrees offer a sustainable solution for managing student debt?

While doctoral programs are generally associated with extended study periods, certain affordable and streamlined doctorate pathways can provide long-term financial and professional benefits. By choosing programs that emphasize cost efficiency and offer flexible schedules, borrowers may reduce tuition expenses and enhance post-graduation earning potential. Prospective candidates should evaluate program accreditation, employment outcomes, and funding opportunities to ensure that the advanced degree aligns with achievable financial goals. For further details on accessible pathways, consider exploring easy doctorate degrees as a potential resource.

Can a quick associate degree effectively lower overall student debt?

Accelerated associate degree programs offer a streamlined path to enter the workforce while potentially reducing the total cost of education. By completing coursework in a compressed timeframe, students may incur lower tuition fees and minimize interest accrual on borrowed funds. This rapid pathway is particularly beneficial for individuals seeking to replace prolonged debt repayment periods with early career entry, ultimately easing long-term financial burdens. For options that expedite credential attainment, consider exploring our article about a quick associate degree, which demonstrates how targeted, time-efficient education can serve as a viable strategy for managing student debt.

Are bachelor's degrees a smart strategy for reducing student debt?

Bachelor's degree programs can offer a viable pathway to reduce the overall burden of student debt when coupled with careful planning and market research. Evaluating programs based on tuition fees, duration, and expected earning potential is essential for optimizing the return on educational investment. For instance, targeted programs that balance affordability with strong employment outcomes can accelerate debt repayment by leading to robust starting salaries. Evidence suggests certain undergraduate options, such as 4 year degrees that pay well, provide the necessary financial leverage to manage student loans effectively without extending repayment timelines.

Is an Affordable Bachelor's Degree a Smart Strategy for Reducing Debt?

Academic institutions offering streamlined bachelor's programs can lower overall education expenses by reducing the time required to graduate and, consequently, the total interest accrued. This approach emphasizes efficient curriculum design and targeted support services that enable students to enter the workforce sooner and begin repaying loans earlier. By prioritizing affordability alongside quality education, borrowers can achieve a more balanced financial outlook while mitigating long-term debt risks. For examples of such accessible pathways, consider the easiest bachelor degree to obtain.

Are Online Trade Schools a Viable Debt-Reduction Pathway?

Online trade schools offer accredited, skills-focused programs that enable students to enter the workforce quickly while keeping educational costs low. These institutions focus on practical training relevant to high-demand industries, providing an efficient route to well-compensated careers with minimal financial burden. Additionally, many programs integrate hands-on experience with career placement services, further accelerating the transition to sustainable income streams. For a comprehensive list of institutions and program details, explore our guide on the best online trade schools.

Are Private Student Loans for Summer Classes a Viable Option for Debt Management?

While most federal aid targets the standard academic year, summer courses offer an accelerated path to degree completion that may reduce overall education costs. Some students explore private student loans for summer classes as a targeted financing solution. Evaluating such options requires comparing interest rates, repayment terms, and eligibility criteria to ensure that they align with both immediate affordability and long-term financial objectives.

Are Accredited Online Schools a Viable Option for Reducing Educational Costs?

Accredited online schools offer a cost-effective alternative to traditional education by lowering tuition and reducing ancillary costs. These institutions streamline curricula and leverage digital platforms to accelerate degree completion while maintaining established academic standards. Opting for an option such as accredited online schools can help students minimize financial burdens, lower borrowing needs, and achieve measurable career outcomes. Evaluating key factors—such as accreditation, program efficiency, and available career support—enables students to align their educational investments with effective debt management strategies.

Can Short College Programs Provide a Rapid Route to Debt Reduction?

Research shows that condensed academic programs can sharply lower educational expenses by reducing tuition fees and minimizing the duration of study. Focused curricula allow students to gain marketable skills quickly, enabling an expedited entry into the workforce and a more immediate path to debt repayment. Evaluating offerings such as short college programs that pay well helps ensure that the program delivers both industry-relevant training and credible post-graduation outcomes, aligning educational investments with effective debt-reduction strategies.

Can Student Loans Cover Housing Expenses?

Student loans are primarily designed to support educational expenses, yet many borrowers allocate part of their funds toward essential living costs, including rent. It is crucial for students to review their loan agreements to ensure that housing expenses fall within permitted uses. Evaluating specific guidelines and lender requirements can help determine appropriate strategies for balancing educational investments with everyday living needs. Moreover, consulting financial professionals may provide tailored advice to avoid overreliance on borrowed funds while meeting essential expenditures, as covered in our guide Can you use student loans for rent?

Now What?

Having to take decades to pay student loan speaks a lot about American education being a costly privilege. The American society is deciding to put students financially at risk just to be able to acquire an education. A commentary dubbed college as “the riskiest expenditure numerous households will make" (Popescu, 2017). There is a lot of evidence that student debt derails the life of borrowers and affects them and their families in a negative way, especially as average student loan length is longer than a decade and a half.

Clearly, society has to take a step toward solving the problem collectively, one that will be mutually beneficial to all parties. Meanwhile, students who don’t want to spend decades paying off student debt can also enroll in high-paying majors to maximize their earning potential.

Key Insights

• Extended Repayment Duration: The average time to repay student loans ranges from 20 to 30 years, with variations depending on the degree attained and the repayment plan chosen. Graduate degree holders typically take longer to repay their loans than those with only undergraduate degrees.
• Historical Roots of the Crisis: The student debt crisis can be traced back to policy changes in the 1980s, particularly during the Reagan administration, which significantly cut student aid budgets and shifted more of the financial burden of higher education onto individuals.
• Economic and Social Impact: Over 45 million Americans are burdened by student debt, which affects not only their financial health but also has broader implications for the national economy and social equality.
• Demographic Disparities: Student debt disproportionately affects certain demographics, including older adults, women, and racial minorities, highlighting the intersectional nature of the crisis.
• Debt Forgiveness Debate: Although proposals for student debt cancellation exist, approval rates for various forgiveness programs remain low. The debate continues on whether widespread debt cancellation is a viable solution, with arguments for its potential benefits in reducing poverty and advancing equity.
• Tools and Resources: Various online tools, such as loan simulators and payoff calculators, can help borrowers estimate their repayment timelines and manage their student debt more effectively.

FAQ

1. How long does it take to repay student loans? The time it takes to repay student loans typically ranges from 20 to 30 years, depending on factors such as the degree attained, the chosen repayment plan, and the borrower's financial situation. Standard repayment plans usually take about 10-30 years, while income-driven repayment plans can extend up to 25 years.
2. How did U.S. student loans become a $1.6 trillion crisis? The student loan crisis has its roots in policy changes from the 1980s, particularly during the Reagan administration, which significantly cut student aid budgets. This led to an increased reliance on loans to cover the rising costs of higher education. The Great Recession and the recent COVID-19 pandemic further exacerbated the issue, pushing more students to take on loans.
3. Who owes the debt? Over 45 million Americans, or about 20% of the adult population, carry student debt. The crisis affects various demographics differently, with older adults, women, and racial minorities being disproportionately burdened. Student debt is a multigenerational issue and also perpetuates wealth inequalities.
4. Is debt forgiveness possible? Debt forgiveness is possible but historically has had low approval rates. Programs such as Borrower Defense to Repayment, Public Service Loan Forgiveness, and Income-Driven Repayment Forgiveness have low approval percentages. Current discussions on debt forgiveness include proposals for income-driven repayment reforms, targeted cancellation, and broader cancellation options.
5. What repayment plans are available for student loans? Various repayment plans are available, including:
6. How can I estimate my student loan repayment time? Borrowers can use online tools such as the Loan Simulator by Federal Student Aid, Student Loan Calculators by Warren Democrats, and the Student Loan Payoff Calculator by Nerd Wallet to estimate their repayment timelines and plan their finances accordingly.
7. What are the impacts of student debt on society? Student debt affects not only individual borrowers but also has broader social and economic implications. It can delay life milestones such as homeownership and starting a family, contribute to wealth inequalities, and place a significant financial burden on different demographics, including older adults and minorities.
8. What are some arguments for and against student debt cancellation? Proponents argue that student debt cancellation can reduce poverty, advance gender and racial equity, and provide significant intergenerational benefits. Opponents contend that cancellation might benefit the wealthy disproportionately and be unfair to those who have already paid off their debts or avoided taking loans.
9. What tools can help manage student debt? Tools such as the Loan Simulator by Federal Student Aid, Student Loan Calculators by Warren Democrats, and the Student Loan Payoff Calculator by Nerd Wallet can help borrowers manage their student debt by estimating repayment times, comparing repayment plans, and planning their finances effectively.
10. What can students do to minimize student debt? Students can minimize debt by choosing high-paying majors, applying for scholarships and grants, attending community colleges before transferring to four-year institutions, and working part-time jobs during their studies. Additionally, understanding the terms and conditions of loans and exploring various repayment plans can help manage debt more effectively.

References:

• Banerjee, A. (2021). Ten Reasons to Cancel Student Loan Debt. The Center for Law and Social Policy. https://www.clasp.org/
• Carlson, S. (2020). The U.S. Student Loan Debt Crisis: State Crime or State-Produced Harm? Journal of White Collar and Corporate Crime, 1(2), 140-152. https://www.doi.org/10.1177/2631309X20921567/
• Carter, M. (2021, May 28). What Is the Average Time It Takes to Repay Student Loans? https://www.credible.com/blog/statistics/average-time-to-repay-student-loans-statistics/
• Case, A. & Deaton, A. (2021). Life expectancy in adulthood is falling for those without a BA degree, but as educational gaps have widened, racial gaps have narrowed. Proceedings of the National Academy of Sciences od the United States of America, 118 (11). https://doi.org/10.1073/pnas.2024777118
• College Board (2019). Trends in College Pricing 2019. https://www.research.collegeboard.org/trends
• Decker, P. (Ed.). (2020). Addressing the Student Debt Crisis. Journal of Policy Analysis and Management, 39(2), 533533. https://doi.org/10.1002/pam.22205
• Federal Student Aid. (n.d.). Federal Student Loan Portfolio. Student Aid. Retrieved July 13, 2021, from https://studentaid.gov/data-center/student/portfolio
• Feige, S., & Yen, J. (2021). The making of financial subjects: A phenomenological study of student debt. Theory & Psychology. https://doi.org/10.1177/09593543211002262
• Fry, R. (2021, May 18). First-Generation College Graduates Lag Behind Their Peers on Key Economic Outcomes. Pew Research Center’s Social & Demographic Trends Project. https://www.pewresearch.org/social-trends/2021/05/18/first-generation-college-graduates-lag-behind-their-peers-on-key-economic-outcomes/
• Hansen, K. & Shaw, T. (2020). How States Can Solve the Student Debt Crisis. The Aspen Institute Financial Security Program. https://www.AspenFSP.org/
• Havens, T. (2021). Educational Redlining: The Disproportionate Effects of the Student Loan Crisis on Black and Latinx Graduates. The Vermont Collection, 42(1), 101-109. https://scholarworks.uvm.edu/tvc/vol42/iss1/11
• Hegji, A. (2018). The Higher Education Act (HEA): A Primer. Congressional Research Service. https://www.crs.gov
• Helhoski, A. (2021, June 14). How Many Americans Have Student Loan Debt? https://www.nerdwallet.com/article/loans/student-loans/how-many-americans-have-student-loan-debt
• Herrine, L. (2020). The Law and Political Economy of a Student Debt Jubilee. Buffalo Law Review, 68(2), 281-411. https://digitalcommons.law.buffalo.edu/buffalolawreview/vol68/iss2/1
• Hess, A. J. (2020, June 12). How student debt became a $1.6 trillion crisis. CNBC. https://www.cnbc.com/2020/06/12/how-student-debt-became-a-1point6-trillion-crisis.html
• Mckay, K. & Kingsbury, D. (2019). Student Loan Cancellation: Assessing Strategies to Boost Financial Security and Economic Growth. The Aspen Institute’s Expanding Prosperity Impact Collaborative. https://www.aspeninstitute.org/publications/student-loan-cancellation-assessing-strategies-to-boost-financial-security-and-economic-growth/
• Mohr, A. (2017). The Policy of Federal Student Loans: Looking Backward and Forward. Washington University Journal of Law and Policy, 53(1), 341-360. https://openscholarshsip.wustl.edu/law_journal_law_policy/vol53/iss1/26
• One Winconsin Institute. (2014, June 14). Twenty to Life: Higher Education Turning Into Multi-Decade Debt Sentence. One Winconsin Now. https://onewisconsinnow.org/press/twenty-to-life-higher-education-turning-into-multi-decade-debt-sentence/
• Popescu, G. (2017). Does student debt constitute a bubble that may bring about an educational crisis? Educational Philosophy and Theory, 50(2), 115-118. https://doi.org/10.1080/00131857.2017.1300027
• Serrato, S. (2020, October 27). Student Debt and the Class of 2019. The Institute for College Access & Success. https://ticas.org/affordability-2/student-aid/student-debt-student-aid/student-debt-and-the-class-of-2019/
• Statista. (2021, May 5). Tuition cost and student loan amounts, by institution type U.S. 2019/20. https://www.statista.com/statistics/237924/tuition-costs-vs-student-loans-in-the-us/
• The Higher Education Act of 1965 (HEA) Definition. (n.d.). Investopedia. Retrieved July 15, 2021, from https://www.investopedia.com/terms/h/higher-education-act-of-1965-hea.asp
• The Institute for College Access & Success (2020). Student Debt and the Class of 2019. https://ticas.org/
• U.S. Department of Education, Office of Federal Student Aid. “Choose the Federal Student Loan Repayment Plan That’s Best for You." https://studentaid.gov/manage-loans/repayment/plans