Paying off your student loan is a daunting prospect, especially when you have just graduated. So how long will it actually take?
The infographic below from moneysupermarket.com tells us just how long and how much a typical professional would pay back.
For e.g. I, as an Engineer, would take around 30 years to pay back my student loan.
And there is no stigma in paying off your student loan on its schedule you know. President Obama only paid back his student loan in 2004.
Image source: MoneySupermarket;
photo credit: DonkeyHotey via photopin cc
Thumbs up, great infographic. So the question everyone wants to know the answer to, is if no-one’s paying back their loan, why increase tuition fees?
Hi Samuel, I think the key reason to increase the fees was – to discourage pupils and reduce the number going to university. It’s just one of many theories. I think paying back tuition fees will help future graduates to have a sustainable fee structure.