Debt is paid after 10 years

Submitted by FA Counselor (not verified) on July 25, 2008 - 4:05pm.

Most borrowers pay back their student loan debt under the standard ten year repayment. Ten years X 12 months equals 120 payments....at the end of 120 payments, their balance is $0!!! Nice forgiveness program!

And, if you borrowed the funds through the FFEL Program rather than a Direct Loan, you aren't even eligible for this program! Outrageous!!!

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