How long do I have to repay my loans?

In Wisconsin, the length of time you have to repay student loans depends on what type of loan you have. Federal loans, like Stafford and Perkins loans, are typically paid back over 10 years. Private loans can vary, with some giving you multiple repayment plan options such as shorter terms or interest-only payments. If your income is low enough, you may be eligible for an income-based repayment plan. This type of plan can extend the term of your loan and lower monthly payments. It also may include loan forgiveness after a certain number of years. You may also qualify for deferment or forbearance, both of which allow you to temporarily stop making payments on your loan without penalty. Deferment is available for certain economic hardships and allows you to suspend payment until the hardship is resolved. Forbearance is available when you are temporarily unable to make payments. It is important to review your loan terms and speak with your lender if you are having difficulty paying back your student loans. There are several options available, such as consolidation, which can help make repayment more manageable.

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How long do I have to repay my loans?

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