Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
Student loan repayment terms can vary from 5 years to 25+ years depending on the principal amount, monthly payment, and interest rate. Your repayment term determines your monthly payment as well as the amount of overall interest you pay on the loan. There are benefits and drawbacks to both repayment terms but the basic breakdown is displayed in the chart below.
Interest rates are typically higher for longer repayment terms, but monthly payments are higher for shorter terms.
Take a look at a sample set of repayment options offered by one of our lenders. The monthly payment may be higher for a 5-year loan, but the borrower would save almost $10,000 in interest.
Your current financial situation determines which is the best option, as it depends on how much you are able to spend on monthly loan payments. Credible’s lenders offer both short term and long term repayment options for federal and private loan refinancing.
We encourage you to provide honest and thorough feedback about your experience (not the experiences you’ve heard from other people), the good as well as the bad. But, we also want you to follow these content guidelines. The comments or responses that Credible posts under its official account are not provided, reviewed or endorsed by any of the financial institutions unless specifically stated otherwise in the response. Please keep in mind that the financial institution has no obligation to monitor any comments, questions or reviews you post and is therefore not responsible for ensuring your posts and/or questions are answered.