An estimated 43.5 million Americans owe money in student loan form. And the average monthly payment among borrowers is $337.

Now that may not seem like so much money. But actually, the average student loan balance is a whopping $37,338, and that's just for federal borrowers. The reason the average monthly payment is only $337 is that it commonly takes borrowers with federal student loans at least 10 years to knock out their student debt.

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Source Fool.com