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.