It’s not surprising that the need for student loans is in high demand, as the average published tuition and fee for 2022-23 is 2.25 times higher than it was 30 years ago at public four-year institutions, rising from $4,870 to $10,940 since 1992-93, according to CollegeBoard.
While most complete undergraduate degrees in four years, they'll likely be paying student loans off for more than double that amount of time. It takes most graduates on average 20 years to pay off their student loan debt, although the standard timeline to pay off debt is 10 years, according to a survey conducted by Research.com, which surveyed over 61,000 individuals.
