How long do I have to repay my loans?

In Washington State, the repayment period for student loans depends on the type of loan you have. Federal loans, such as Stafford and Plus loans, typically offer a repayment period of 10 to 25 years. Private loans may have similar repayment terms but can differ significantly depending on the lender. Some private lenders may offer shorter repayment periods or other special repayment options like interest-only payments. You may also be able to take advantage of income-based repayment plans and extended repayment plans. These plans adjust your loan payment based on your income, allowing for a more tailored repayment period. The income-based plans cap payments at 10% to 20% of your discretionary income and extend the repayment period from 10 to 25 years. The extended repayment plan also stretches the repayment period up to 25 years. To figure out how long you have to repay your loans, start by looking at the loan documents. This will tell you the original repayment period. You can then look into other repayment options to determine whether you can take advantage of any repayment plans that would extend your repayment period or make your payments more manageable.

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How long do I have to repay my loans?

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