Quote:
Originally Posted by creditcardfree
Did you know that if you keep paying the minimum on your student loan, it will take you 34 years to pay it off? You will have almost paid $10K in interest. Yuck!
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I'm guessing the student loan has a fixed term, such as 15 years, and that the amount of principal goes up each month, so it's probably not as bad as it looks.
I have a calculation on my debt spreadsheet of how long it would take to pay off my debts if I continue to pay the current minimum, and calculating it like that, it looks like it will take me 53 years to pay off my mortgage, but I'm actually 5.5 years into a 30-year mortgage, so I know that's not accurate.
But maybe it's a different sort of student loan, who knows...