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School Loan Consolidation and
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Home > Search > School Loan Consolidation How long will I have to repay a School Loan Consolidation?The term of the College Consolidation loan will depend on what the principal balances of your loans are at the time they are consolidated. The higher the balance, the longer the term. The minimum repayment term is 10 years and the maximum is 30 years. The minimum monthly payment is $50; therefore, if you have a low principal balance, your loan may pay off in under 10 years. There is no penalty for paying your loan off early.
How long will I have to
repay a
Federal Student Loan Consolidation?
Loan Balance
Repayment Period When calculating your loan term you can add other student loans that are not eligible for consolidation such as private student loans, Perkins loans you are excluding and loans issued by colleges to extend the loan term. For example if the total amount of loans you are consolidating is $15,000.00 and you also have $12,000.00 in private student loans you can use the 20 year term instead of the 15 year term that the consolidation balance alone would offer. Keep in mind that increasing the loan term will lower your payments but by extending the loan you will end up paying more in total interest. What are the repayment options for School Loan Consolidation?
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