How long do I have to repay my loans?
The length of time you have to repay your student loans in California depends on the type of loan you took out. For federal student loans, you typically have 10 to 25 years to repay your loan, depending on the repayment plan you choose. For private student loans, repayment lengths vary based on the terms of your loan. Generally, you will have between 5 and 20 years to repay a private student loan. In California, you may be eligible to consolidate your loans into one loan with the California Student Aid Commission. This can extend the term of your loan repayment from 10 years to 30 years. Additionally, some lenders in California offer loan forgiveness or a repayment plan that is customized to your financial situation. Finally, if you can’t afford to repay your student loans, you may be eligible for deferment or forbearance. With a deferment, you can temporarily stop making payments, and with forbearance, you can reduce or postpone your loan payments. It’s important to note that interest will continue to accrue on your loan during either of these options. In summary, the length of time you have to repay your student loan in California will vary depending on the type of loan you have and the repayment plan you choose. You may also be eligible for loan consolidation and/or loan forgiveness, or for a deferment or a forbearance.
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