Student loans– is the repayment time range set in stone when you get the loan?

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If I take out a loan, do I say right then at the bank how many years I am taking to pay it back? Do I get to choose how many years? Once I set that, is it stuck that way or can it be altered to raise or lower the monthly payments?

Probably dumb questions, but I am just getting ready to deal with my first student loans, so I’m new to this.
How about private bank loans? I am getting 9,000 tops in federal loans, and the other 16,000 is going to have to be private.

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they give u a time frame but if you can’t pay they give u a deferment if you have a good reason… you can defer at any time.


student loans are usually very negotiable. your repayment plan is determined after you finish school. you can choose between a few different repayment plans. long repayment terms means lower payments but more over the life of the loan. shorter repayment terms means higher payments but you pay less of the life of the loan.
you can also change the payment terms of the loan. mine are from the federal gov’t and i think i can change repayment plans at any time. or at least once a year. you can also consolidate without penalty or fees. that allows you to combine multiple loans into one and lower your interest rate.
read the terms of the loan carefully. federal gov’t loans are usually the most liberal but student loans from banks can be just as bad as regular loans save the generally lower interest you’ll get from student loans.

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