$60,000 Student Loan Payoff Time
How long will it take to pay off $60,000 in student debt? Pay off 60k student debt.
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With a monthly payment of $600, you will pay off your student debt in 10 years, 10 months.Should You Pay off Your Student Debt?
You may be able to pay off your student debt. But should you?
Some politicians in the U.S. have proposed canceling some or all student debt. You might feel foolish if you worked and saved only to have other people get their debts paid for free.
A more prudent course of action in the meantime would be to continue to make minimal payments, making sure to avoid any penalties and fees.
Time it Takes to Pay $60,000 in Student Debt
Based on monthly payment and interest rate.
| Rate | $500 | $1,000 | $1,500 | $2,000 | $2,500 |
|---|---|---|---|---|---|
| 2.00% | 11 years | 5 years | 42 months | 31 months | 25 months |
| 3.00% | 12 years | 6 years | 43 months | 32 months | 25 months |
| 4.00% | 13 years | 6 years | 44 months | 32 months | 26 months |
| 5.00% | 14 years | 6 years | 44 months | 33 months | 26 months |
| 6.00% | 15 years | 6 years | 45 months | 33 months | 26 months |
| 7.00% | 17 years | 6 years | 46 months | 34 months | 26 months |
| 8.00% | 20 years | 6 years | 47 months | 34 months | 27 months |
| 9.00% | 26 years | 7 years | 48 months | 35 months | 27 months |
| 10.00% | never | 7 years | 4 years | 35 months | 27 months |