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How did the loan even wind up lasting that long in the first place? Shouldn't the repayment terms have had it being paid off way before that? I mean, you'd have to have that loan outstanding for something like 40 years for it to reach retirement age. Even house loan terms aren't that long.
kagis
Ah. Apparently federal student loans are normally up to 10 years, but the borrower can get them extended or refinanced. And a private loan could have whatever terms, and some of those run longer.
That's also assuming those all reflect bachelors degrees. You can also get loans for asters, doctorates, medical, and technical degrees, as well as ongoing learning requirements
In my experience, the minimum student loan payments are less than the interest. So if you can only afford the minimum (or less than the interest) then the debt grows faster than you pay it off.