Your student loan repayment term

Your loan repayment term is the number of years you have to pay it back. Federal loans generally have a standard repayment schedule of 10 years.2 For private student loans, the repayment term can range anywhere from 5-20 years, depending on the loan. You’ll be given a definite term for your loan when you apply.

Interest rates for federal and private student loans

The average interest rate will be different for federal student loans and private student loans. Federal student loans have a single, fixed interest rate, which means that your loan’s rate doesn’t change over time.

You may have noticed that there’s a range of interest rates associated with a private student loan. Private student loans are credit-based. That means the rate you’ll be offered depends on your creditworthiness—and that of your cosigner, if you have one—together with several other factors. When you apply for a loan, you’ll be given an interest rate, either fixed or variable, depending on which is offered and which type of rate you’ve chosen.

How much you’ll need to borrow for college

If you’re wondering how much to borrow for college—whether it’s a public university or private university—the College Planning CalculatorSM can help. You can search for college costs and also build a customized plan based on your own situation.