The prescribed period is usually 27 months of study for a technical training program at the college level, 24 months for an undergraduate university program spread over a 3-year period and 32 months for an undergraduate program spread over a 4-year period. At the graduate level, the prescribed period is 16 months for a master’s without a thesis and 20 months for a master’s with a thesis. The prescribed period for a doctorate is 32 months. However, the duration of some programs may vary. For details, see the personnel of the financial assistance office at your educational institution.
If you can afford your payments but you want to save money on your loans, student loan refinancing may be the answer. Refinancing lets you swap out your existing loans for a new one with terms based on your current finances. The lower you can get your interest rate, and the shorter your loan term, the more money you stand to save. Most lenders look for a steady income, a low debt-to-income ratio and a credit score of 650 or higher. However, refinancing federal loans means giving up borrower protections like income driven repayment and forgiveness programs, so you may want to exclude those loans from your application.