How long should it take me to pay off this debt?

[Frugal]

What do you think is a reasonable time frame to pay off about $13,880 of student loan debt? Does anyone think that four-six years is reasonable or possible, on a limited income and very, very tight budget? I am paying it off as aggressively as possible, but this is hard since one of us is working, and one laid off for about seven months. Thanks for feedback. Do you guys have any experience with this particular amount of loan debt? Were you able to pay off this large of an amount in a time of economic hardship?

Oh, and the loan is currently in an unemployment deferment. Interest not accruing, but when it goes back to payment status, the interest rates will average about 5%.

My goal is to be debt-free except for the old mortgage...

[adstalker]

assuming 4 years, you will need to pay 289.00 a month (this is not including interest)
I think its doable if you have the discpline to set aside 300.00 every month for your student loans. Of course if you have other high interest debt like CC, I would recommend you pay those off first before tackling your student loans

[jpg7n16]

I'd try putting in your info using this calculator here: Calculators - Debt reduction planner

Just put your Student Loan as "Credit Card #1." What's nice is that you can choose between "well what if I paid X dollars a month" or "what would it take to be done in X years"

According to the calculator:

4 years: If you pay $318.32 a month, it will take you 4 years to pay off your credit cards.

6 years: If you pay $222.61 a month, it will take you 6 years to pay off your credit cards.

$150/month: If you pay $150.00 a month, it will take you 9 years and 9 months to pay off your credit cards.

Are those amounts reasonable given your budget?

[disneysteve]

Originally Posted by Frugal

What do you think is a reasonable time frame to pay off about $13,880 of student loan debt?

It all depends on your income and overall financial situation. I paid off $102,000 in student loans in about 12 years. it would have been 10 years but I was unemployed for a short time during that period.

How long is reasonable for you isn't something we can answer without knowing your numbers - income, expenses, other debts, etc.

[dawnwes]

No idea.

DH had $30K in graduate loans and we paid it off in about 4 years once he went back to work.

I have no idea how much you make or what your expenses are, but sit down with your budget and see how much you can throw at your debt each month to make it happen as soon as possible!

[Frugal]

Thanks for the calculator. I was already estimating in my head that I could pay it off in 4-6 years. Probably it will be closer to 6 years.

[SarahJ]

If you stick to that plan, you will be doing better than a lot of college graduates. Imagine starting out with $100,000 in student debt.. Yikes.

[Frugal]

Uh, I went to the cheaper colleges and worked really hard to keep my debt that low. Also sacrificed a lot!!