Here’s How Long it Takes to Pay Off Student Loans in SF

San Francisco has ranked second in the nation among cities that take the longest to pay off student debt, according to a new report by Student Loan Hero, a company that provides advice to borrowers.

According to the report, the standard plan for student loan repayment is 10 years, but in San Francisco 10.8% of mature loans (5 or more years) are older than 15 years, and 3.3% are over 20 years old. The only U.S. city with more loans of that duration is New Orleans.

The median balance of a student loan 15 years or older in San Francisco is $4,128, nearly three times higher than that of the city that ranked third on the list (Columbia).

Nationally, student loan debt is at its highest level ever at $1.56 trillion.

This post was originally posted at http://www.nbcbayarea.com/news/local/San-Francisco-Ranks-Second-Longest-US-City-in-Student-Loan-Repayment-Time-512124232.html.

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