Federal student loan rates typically range from 3.5% to 7% depending on the loan type and year. Private student loan rates vary more widely based on your credit score and lender.
The standard federal repayment plan is 10 years. Extended plans can stretch to 25 years, lowering monthly payments but increasing total interest paid significantly.
Your payment is calculated using standard amortization — the same formula banks use. Each fixed monthly payment covers the interest owed plus a portion of the principal balance.
Yes — any extra payment goes directly to principal, reducing the balance faster. This shortens your loan term and reduces the total interest you pay over time.
